Small businesses around the country are being urged to apply for the Small Business Administration’s Economic Injury Disaster Loans (EIDL) and its Targeted (EIDL) Advance Grant Program.
This is aimed at helping those businesses most impacted by the pandemic and those who applied for the program last year that did not receive full financial assistance. SBA administrator, Isabel Guzman, reported the agency planned on opening up the program this month. Earlier this year, the SBA raised the maximum loan amount from $150,000 to $500,000 for up to 24 months.
Applicants can receive up to $15K–which does not need to be repaid
Focusing on Low-Income Areas
One requirement to meet in order to receive EIDL grant money is that the business must be located within a low-income community. Click here to see if your business is located in a qualified area. Focusing on these areas specifically is vital to keep these communities growing and keeping small businesses a part of them.
The SBA stated, “It was always the plan to open it up to new businesses, and that’s the stage we are entering now”. The SBA is still accepting applications for the EIDL program and is working diligently with various partners and stakeholders to spread the word on the program to small business owners. For more information on the SBA loans and Targeted EIDL Advance programs, visit the SBA website.