The SBA has opened a new round of economic injury disaster loans — supplemental target advances — which will provide $5 billion in additional assistance to one million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11, 2021.
Effective April 22, the targeted EIDL advance application process was modified to determine if businesses also qualify for the additional $5,000 supplemental targeted advance, according to the SBA, which says it will contact eligible business entities to apply. To qualify for the supplemental targeted advance, an eligible business entity must be in a low-income community, suffered greater than 50% economic loss and have 10 or fewer employees. Applications will be processed on a first-come, first-served basis.
For more information about the targeted EIDL advance and supplemental targeted advance program, visit SBA.gov/eidl.