SBA Launches Cash Grants for Some Small Businesses
February 10, 2021
The US Small Business Administration is contacting small businesses about a new round of COVID-related grants. The funds were part of the Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act signed into law on Dec. 27, 2020.
To be eligible for these Targeted EIDL Advance funds, small businesses must:
- Have 300 or fewer employees;
- Be located in a low-income community; and
- Be able to demonstrate more than a 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later; and
- Have applied for SBA COVID-19 EIDL funding before on or before Dec. 27, 2020; and either:
- Received an EIDL advance of less than $10,000; or
- Received no funds due to lack of available program funding.
Applicants do not need to take any action at this time. SBA started reaching out to those who qualify on Feb. 1, 2021.