Targeted EIDL Advance Frequently Asked Questions
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Targeted EIDL Advance Frequently Asked Questions
The Targeted EIDL Advance provides advance funds of up to $10,000 to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
I received an email invitation inviting me to apply to the Targeted EIDL Advance program. Does this mean I qualify?
Not necessarily. The SBA is contacting those who received a previous EIDL Advance in an amount less than $10,000 and 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.
In addition to being among those two groups, applicants must meet the below eligibility requirements:
- Have 300 or fewer employees
- Business must be located in federally identified low-income communities. Please use this mapping tool to verify that the business is in a low-income community.
- Can demonstrate a reduction in revenue of more than 30 percent during an 8-week period beginning on March 2, 2020 or later.
What are some things I can do to prepare to apply?
If you have not yet filed your 2019 Federal Tax Return, you should complete that process. You 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.
How can I check the status of my Targeted EIDL Advance application?
Business owners can contact SBA’s Customer Service Center at 1-800-659-2955 or by email at TargetedAdvance@sba.gov if they have questions about the Targeted EIDL Advance program.
Remember that receiving the invitation to apply does not mean you are guaranteed to receive the Targeted EIDL Advance. The SBA will contact you after you have applied and qualify with the next steps.
Cross-program eligibility information
It is important to understand how applying for SBA relief programs may affect your eligibility for other programs.
- You can receive an Economic Injury Disaster Loan and a Paycheck Protection Program loan. You cannot use the loan proceeds for the same purposes.
- You can receive an Economic Injury Disaster Loan and a Shuttered Venue Operators Grant but it cannot be used for the same purposes.
- If you receive a Paycheck Protection Program loan after December 27, 2020, the amount of your PPP loan will be deducted from your Shuttered Venue Operators Grant award amount.
- You cannot receive a Paycheck Protection Program loan after receiving a Shuttered Venue Operators Grant.
Please see the cross-program eligibility matrix below for more information.
Stay updated
Visit sba.gov/relief for updates on the loan programs, guidance for businesses and employers, and other SBA resources.
If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.
Follow @SBA_Cleveland on Twitter.
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The Targeted EIDL Advance provides advance funds of up to $10,000 to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
It is important to understand how applying for SBA relief programs may affect your eligibility for other programs.