EIDL Funding and Targeted Advanced Grants

April 19, 2021

Quick quiz: do you remember what EIDL stands for? Is it:

  1. Everyone is Drawing Llamas
  2. Enjoy It, Doesn’t Last
  3. Elephants Invade Disney Land
  4. Economic Injury Disaster Loan

Okay, I know Disneyland is one word, but I was running out of ideas, and the thought of pachyderms on Space Mountain made me smile. And now I need to stop fantasizing about vacation and discuss 4, Economic Injury Disaster Loans.

Not that long ago, I talked about EIDL loans because Congress approved more funding and extended the application window. If you are still thinking about applying, take a look at that blog.

Today I want to focus more on a different provision of EIDL, targeted advanced grants. Last year, many of us applied for, and did not receive, EIDL grants due to lack of funding. The SBA is now reaching out to anyone who did not receive a grant or did not receive the full amount of the grant. So, watch your email for a message from SBA.gov.

Before you spend your time gathering the documentation that you will need to respond to that message, check to see if you qualify. You must:

  • Have 300 or fewer employees
  • Have suffered an economic loss greater than 30%
  • Have a business address located in a low-income community. Unsure if this is you? Check here: https://sbaeidl.policymap.com/newmaps#/

Got questions about any of this? Want to discuss what ride is truly an elephant’s favorite? Happy to help! Send me a message! Feel free to use the subject line, Pack Your Trunks, We’re Going on a Road Trip! (Get it? Trunks? Okay, I will stop now. But, seriously, I am here for you!)

IMPORTANT DISCLAIMERS:
1. The information above does not constitute legal advice, nor does it create an attorney-client relationship. Please consult your attorney with specific questions.
2. As this situation is constantly changing, we will make every effort to stay current on this topic, however this information is provided as general guidance and may not apply to your situation, nor should it be relied upon exclusively. Please consult and confirm with your attorney if you have questions about these updates or their applicability.  
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