Targeted EIDL Advance

The COVID-19 Targeted EIDL Advance has been relaunched to provide up to $10,000 to applicants for working capital and normal operating expenses that could have been met had the COVID-19 pandemic not occurred. Those include (but aren’t limited to) continuation of health care benefits, rent, utilities, and fixed-debt payments.

To be eligible, applicants must

• Have 300 or fewer employees

• Have previously applied to the SBA for EIDL assistance before December 27, 2020

• Be located in federally identified low-income communities

• Demonstrate a reduction in revenue of more than 30 percent during an 8- week period beginning on March 2, 2020 or later.

Businesses and nonprofit organizations that received a previous EIDL Advance in an amount less than $10,000 will have first priority to apply and will be the first group to receive email invites directly from the SBA to determine eligibility and submit documentation. Following this group, SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. At this time, only prior applicants are being considered for the Targeted EIDL Advance.

If you meet the above criteria, the SBA recommends that in the meantime you file your 2019 Federal Tax Return if you haven't yet done so. SBA indicates applicants will also be required to provide the business’ monthly gross receipts for each month from January 2019 through the most recent month-to-date period. This information will be used to determine that your business meets the greater than 30 percent reduction in revenue requirement during an 8-week period beginning on March 2, 2020. Please keep in mind that the SBA will determine if your business is located in a low-income community based on the applicant business address; and may also ask applicants to provide an IRS Form 4506-T to allow the SBA to request tax information.

Check out the Targeted EIDL Advance FAQs for further detail, and contact a Pace SBDC Business Advisor with any further questions.

Not eligible for an EIDL Advance? Visit our coronavirus resources page to see all the COVID-19 relief that may be available to you.