This program tends to aid companies that have, in one way or the other, been affected by disasters or a crisis like the COVID-19 pandemic. This program covers the period or amount that should have been made if the said crisis did not hit.
What Are The Criteria To Qualify For The Targeted EIDL Advance Loan Program?
SBA notifies all qualified borrowers to give them the opportunity to apply for this program. The said target groups are as follows:
A community with more than a 20% poverty rate is considered a low-income community. If the SBA mapping tracks your location to be in this area, you may utilize the said loan program.
Show 30% Loss In Income Due To COVID-19 Crisis
All may have been hit by the pandemic in the business sector, but for you to qualify for this aid, the company must show an income loss with a minimum of 30% of their regular income before the pandemic.
300 Or Fewer Employees
Small businesses (not including agricultural enterprises) with not more than 300 employees may opt for this loan to aid in sustaining the company.
Previously Applied For This Loan Program
If you have a history of applying for this program or become a beneficiary of this loan with not more than $10,000.00 worth of proceeds, then you are eligible to apply for it again.
Steps To Apply For the Targeted EIDL Advance Loan Program
There is no application process for this loan. You will just have to wait for the SBA to get in touch with you should you be qualified for it.
Supplemental Targeted Advance Loan Program
Supplemental targeted advance loan program is in conjunction with the targeted EIDL advance loan program. It targets companies with a loss of $5,000.00 to which they do not need to repay that amount. This supplemental and EIDL targeted advance loan must not exceed a total of $15,000.00 and the company must show proof of 50% loss due to the pandemic. The business must have ten or fewer employees to qualify. SBA also does not have an application procedure for this. If you are eligible, SBA itself will get in touch.