The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance  called Supplemental Targeted Advances – that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act.
 
This additional relief to the smallest and hardest-hit businesses builds on the recent action to significantly increase the maximum loan amounts for COVID-19 EIDL assistance from 6 months of working capital with a maximum of $150,000 up to 24 months of working capital and a maximum of $500,000. SBA is also extending deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to provide more time for businesses to build back.
 
The SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance. SBA will contact eligible business entities to apply and applications will be processed on a first-comefirst-served basis.
 
For details about the Targeted EIDL Advance and Supplemental Targeted Advance program, visit SBA.gov/eidl. Eligible entities can email questions about the SBA Targeted EIDL Advance and Supplemental Targeted Advance to TargtedAdvance@sba.gov, COVID-19 EIDL disaster loan payment questions to DisasterCustomerService@sba.gov, and contact SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).