SBA Offering Additional COVID Relief Funds
Yes, there is more money available if you qualify. Here are the requirements for the new Targeted EIDL Advance:
- You must have less than 300 employees.
- You must have suffered an economic loss greater than 30% demonstrated by any 8-week period beginning on March 2, 2020 or later, compared to the prior year.
- You must be located in a low-income community. The SBA has a mapping tool to help you determine if your business address is located in a qualifying low-income community.
Eligible practices can receive up to $10,000 in tax-free grant assistance. If you have already received an EIDL grant, the maximum you can receive from both programs is $10,000.
For more details, you can call 800-659-2955.
The SBA is also accepting new COVID EIDL loan applications through their portal. These loans are designed for qualified small businesses and must be used for salaries, healthcare benefits, rent, utilities, debt service payments and other operating expenses that were difficult to meet during the pandemic.
Loans started being approved April 6, 2021. The maximum loan has increased to $500,000, has a fixed interest rate of 3.75% with a 30-year maturity date. There are no prepayment penalties or fees. The loan does require it be secured.
|