While the pandemic has decreased the amount of invitations we all receive for physical gatherings and social events, we want you all to be aware of a different kind of invitation to be dropping into your mailboxes soon; The Targeted EIDL Advance invitation.
The SBA began to send email invites to businesses and nonprofit organizations that received the EIDL Advance in an amount less than $10,000 on February 1, 2021. Please note that it will take time before all emails are sent to the first priority group. Remain calm if you do not receive your email invite right away.
The application invitation will be sent to the primary contact email address connected to your original EIDL application. With scams are an all-time high, be aware that the email will have an @sba.gov ending. Do not communicate with any email that does not end in @sba.gov.
Applicants will need to wait for the email invite to apply for the new Targeted EIDL Advance. Any businesses and nonprofit organizations that received a previous EIDL Advance in an amount less than $10,000 will have first priority to apply for the Targeted EIDL Advance and will be the first group to receive access to the application portal.
The second priority group is designated to businesses and nonprofit organizations that applied for EIDL assistance before December 27, 2020 but did not receive an EIDL Advance due to no remaining funds.
The Targeted EIDL Advance is a different program than the original EIDL Advance and has a different process. The SBA will reach out to EIDL applicants who received an EIDL Advance of less than the $10,000 maximum and offer instructions on how to give the SBA the required information to establish eligibility, and how to submit documentation for any additional grant funds. Businesses must have and employee count of 300 or less and need to be located in a federally designated low-income community and meet the requirements for reduction in revenue.
At the time of writing this blog, there are no plans to open the Targeted EIDL Advance program to new applicants beyond the first two priority groups. The ability to accept new applications depends on the availability of funds, which the SBA is carefully observing. For additional updates, please visit the SBA website at: sba.gov/coronavirusrelief
As we continue to navigate through these times of uncertainty and adapt, we here are at The Foresight Companies want to be your source for all topics related to your business operations.