The Small Business Administration will open its $25 billion Targeted Economic Injury Disaster Loan Advance grant program to millions more small businesses by the end of June. Through this program small businesses can get an initial grant of $10,000 and potentially a follow-up grant of $5,000.
Until recently, the Targeted EIDL Advance and the Supplemental Advance were by invitation only and open only to small businesses that applied for an EIDL.
The Washington Business Journal reported, “The agency has already sent more than 500,000 emails to businesses that applied for an EIDL after Dec. 27, but soon it will throw open the doors to every small business that meets the eligibility criteria — namely being in a low-income area and having seen a significant drop in revenue over the course of Covid-19.
“The move to open the grant program more broadly comes after its lackluster launch in February. Since then, the SBA has doled out $1.2 billion in 141,840 grants for its targeted advance program and another $413 million across 82,742 grants for its follow-up supplemental targeted advance, just a fraction of the billions allocated to the program by Congress,” said the WBJ.
Parts of the Richmond Highway Corridor, Mount Vernon and Lee Districts have been designated by the SBA as low-income area. Use this mapping tool to see if your business is in such an area.
