Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may be eligible to receive up to $15,000 in funding from SBA that does not need to be repaid. These “advances” are similar to a grant, but without the typical requirements that come with a U.S. government grant. (Per the SBA- click here for more information).
The Targeted EIDL Advance provides funds of up to $10,000 to applicants who:
- Are in a low-income community.
- Can demonstrate more than 30% reduction in revenue during an eight-week period.
- Have 300 or fewer employees.
The Supplemental Targeted EIDL Advance provides funds of up to $5,000 to applicants who:
- Are located in a low-income community.
- Can prove more than a 50% economic loss during an eight-week period.
- Have 10 or fewer employees.
To verify if your business is in a qualified low-income community, you can utilize the SBA’s Mapping Tool.
To learn more about the Advance & Supplemental Advance and how to apply, click here.