STATEN ISLAND, N.Y. — Are you one of 1 million eligible small business owners hardest hit by the coronavirus (COVID-19) pandemic who can receive additional grant money from the Small Business Administration (SBA)?
The grants, called “Supplemental Targeted Advances,” are open to small businesses that lost a significant amount of revenue — even if they had already received $10,000 from other SBA grant programs, including the Economic Injury Disaster Loan (EIDL) Advance from March and April of 2020 and the Targeted EIDL Advance loan.
The American Rescue Plan Act allows for Supplemental Targeted Advance payments of $5,000 to the hardest hit small businesses and nonprofit organizations, according to the SBA.
If you’ve applied for the grant, you may be contacted by the SBA if you are eligible in the coming weeks, according to the agency.
WHAT YOU NEED TO KNOW
The SBA modified its Targeted EIDL Advance application process on April 22 to see if businesses also qualified for the $5,000 supplemental grant. Small business owners contacted by the SBA will have their applications processed on a first-come, first-served basis, the agency said.
According to then SBA, applicants must wait until they receive an email invite from the SBA to apply for the Supplemental Targeted Advance.
To qualify, businesses must be located in a low-income community as defined by section 45D(e) of the Internal Revenue Code; suffered greater than 50% economic loss over an eight-week period since March 2, 2020, compared to the previous year; and have 10 or fewer employees.
The Supplemental Targeted Advance is in addition to the $10,000 Targeted EIDL Advance, for a total of up to $15,000, according to the SBA.
The SBA has set up a web-based mapping tool to determine whether the business is in a low-income community. That mapping tool is available at sbaeidl.policymap.com/app.
“We highly encourage all applicants to use this tool prior to submitting your application. If your business meets all three criteria, follow the instructions for applying,” said the SBA.