New Round of Economic Injury Disaster Loan (EIDL) assistance

April 28, 2021

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The City of Laguna Niguel is working to support our local businesses during this COVID-19 crisis and beyond. We will provide timely information, resources, programs and updates to help your business thrive!

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New Round of Economic Injury Disaster Loan Assistance

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-come, first-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).

Shuttered Venue Operators Grant Application Portal Reopened

The SBA also reopened the Shuttered Venue Operators Grant application portal this week for operators of live venues, live performing arts organizations, museums and movie theatres as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief.

While working with vendors to fix technology issues that occurred with the initial opening earlier this month, the SBA identified and resolved other concerns and enhanced the applicant experience with the portal. The following updates have been made:

Clarifying and making program documentation easier to use;
Improving application portal security mechanisms;
Adding an industry-standard waiting room technology to address the high interest in the program and provide an orderly application process for fair and smooth performance; and
Updating application features, including: a new revenue chart, the ability to upload multiple attachments, and an improved application flow to match the eligible entity types and their respective required documentation.

Eligible applicants are encourage to take the following actions:

Register on the portal in advance. Applicants will need a smartphone and a multi-factor authenticator app to register and apply;
Review the SVOG Frequently Asked Questions and Applicant User Guide; and
Prepare required documentation, per the Application Checklist.

City Survey Closes Friday, April 30

Businesses are encouraged to take the City's brief survey, so the Economic Development Team can access your needs. If you haven't done so yet, please take a few moments to complete the survey by Friday, April 30 at this LINK.

Businesses that complete the survey will be entered into a raffle for the chance to win cash, prizes and be featured by the City. First place raffle winner will receive $250; second place $150; and third place $100. This is in addition to a drawing to win prizes from the Laguna Niguel Chamber of Commerce and the opportunity to be the City's next Featured Business.

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