Advertiser Disclosure

🏦 Get funded today with one of our top 5 lenders for 2021

FAQs About SBA EIDL Loans & Targeted Advances For COVID Relief

  • 2 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Erica Seppala

Erica Seppala

Erica is a writer based in Greenville, South Carolina. She is a graduate of Limestone College. Initially determined to be an accountant, she put away the calculator and picked up a laptop to pursue her dream of being a writer. Erica has spent the past 10 years writing blogs and articles for hundreds of private clients, and she loves sharing her love of research and the written word with everyone around her.

Sources

Leave a comment

2 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Jacqueline Anderson

    Question, I applied for the EIDL (denied) but was approved for the grant. However, the next day (literally) they ran out of funds. Will I recieve the grant? Do I have to re-apply?

      Jessica Dinsmore

      Hi Jaqueline,

      The SBA states:

      SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.

      Next, SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation. Applicants may qualify for a Targeted EIDL Advance if they meet the above criteria (low-income location and reduction in revenue) AND:

      Have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. Agricultural enterprises are not eligible.
      All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant’s behalf.

      Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance.

      SBA will reach out to you if you qualify!

      All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.

      So it’s not for sure, but if you meet the criteria for the Targeted Advance, you should watch for an email from the SBA. Good luck!

      Leave a Reply

      Your email address will not be published. Required fields are marked *

      Your Review

      Comment moderation is enabled. Your comment may take some time to appear.
      Please read the "User Review and Comment Policy" before posting.

      Share

      Get Started With Featured Pick! 🏆

      is our current featured vendor in this category.




      Get Started

      Learn more today with no commitment.

      Featured Offer: We Recommend QuickBooks 🎉

      Take it for a spin with a free trial.

      Try QuickBooks Today

      We Recommend Fattmerchant 🏆

      Fattmerchant is one of our top picks for Credit Card Processing!

       

       

      We love Fattmerchant as a credit card processor for its predictable pricing, excellent service, and integrated billing features. Get started today and get your first month for $5 with an exclusive Merchant Maverick promo.

      Get Started

      Get started with no commitment today.

      We Recommend BlueVine Business Checking 🏆

      BlueVine Business Checking is one of our top picks for Business Checking!

       

       

      BlueVine's small business checking has a 1.0% APY, no minimum deposit or balance, and no monthly service fees. Sign up for free.

      Get Started

      Get started with no commitment today.

      We Recommend PaymentCloud 🏆

      PaymentCloud is one of our top picks for credit card processing!

       

       

      We love PaymentCloud's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend PaymentCloud 🏆

      PaymentCloud is one of our top picks for credit card processing!

       

       

      We love PaymentCloud's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend Donorbox 🏆

      Donorbox is one of our top picks for Donation Systems!

       

       

      Donorbox is a versatile, feature-rich, and easy-to-use donation management system that can help you attract more recurring donors. Get started today for free.

      Get Started

      Get started with no commitment today.

      We Recommend BigCommerce 🏆

      BigCommerce is one of our top picks for eCommerce Platforms!

       

       

      Bigcommerce offers exceptional tools for all eCommerce businesses from startups looking to build a site to enterprise-level systems. Now get a 15-day free trial + one month free when you upgrade!

      Get Started

      Get started with no commitment today.

      We Recommend Fattmerchant 🏆

      Fattmerchant is one of our top picks for Credit Card Processing!

       

       

      We love Fattmerchant as a credit card processor for its predictable pricing, excellent service, and integrated billing features. Get started today and get your first month for $5 with an exclusive Merchant Maverick promo.

      Get Started

      Get started with no commitment today.

      We Recommend Helcim 🏆

      Helcim is one of our top picks for payment processing!

       

       

      Helcim has exceptional service and an advanced platform that we highly recommend for businesses in Canada and the US. Get three months free when you sign up with Helcim through our links!

      Get Started

      Get started with no commitment today.

      We Recommend PaymentCloud 🏆

      PaymentCloud is one of our top picks for credit card processing!

       

       

      We love PaymentCloud's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend OnDeck 🏆

      OnDeck is one of our top picks for Business Loans!

       

       

      OnDeck is our featured vendor for business loans and lines of credit. If you have at least one year in business, a personal credit score of 600 or higher, and $100K in annual revenue, OnDeck is ready to help your business get funded.

      Get Started

      Get started with no commitment today.

      We Recommend Lendio 🏆

      Lendio is one of our top picks for PPP/Business Financing!

       

       

      Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. Easily find PPP/SBA loans alongside other financing options.

      Get Started

      Get started with no commitment today.

      We Recommend PaymentCloud 🏆

      PaymentCloud is one of our top picks for credit card processing!

       

       

      We love PaymentCloud's predictable pricing and excellent service.

      Get Started

      Get started with no commitment today.

      We Recommend ADP Payroll 🏆

      ADP Payroll is one of our top picks for Payroll Software!

       

       

      Our reviewers like ADP Payroll for its advanced employee management, strong payroll features, and great customer support.👍

      For a limited time, get three months free when you sign up via our links!

      Get Started

      Get started with no commitment today.

      We Recommend Lightspeed POS 🏆

      Lightspeed POS is one of our top picks for Point of Sale!

       

       

      We highly recommend Lightspeed POS for small businesses looking for a feature-rich, tablet-based point of sale system.

      Get Started

      Get started with no commitment today.

      We Recommend TouchBistro 🏆

      TouchBistro is one of our top picks for Restaurant POS!

       

       

      Our reviewers praised TouchBistro for a well-designed UI, easy to use format, competitive monthly cost, and numerous integrations. Sign up today to see it in action.

      Get Started

      Get started with no commitment today.

      We Recommend Fundera 🏆

      Fundera is one of our top picks for SBA loans!

       

       

      Fundera is a free-to-use marketplace that allows you to compare lenders side-by-side. Easily find SBA 7(a)loans alongside other financing options.

      Get Started

      Get started with no commitment today.

      We Recommend ShippingEasy 🏆

      ShippingEasy is one of our top picks for shipping software!

       

       

      ShippingEasy got a 5-star review from our team. Get a 30-day free trial to access discounted USPS and UPS shipping rates and print labels in no time. No credit card required.

      Get Started

      Get started with no commitment today.

      We Recommend Square POS 🏆

      Square POS is one of our top picks for Point of Sale!

       

       

      Square is free to use and currently includes a free card reader at sign-up!

      No credit card is required to create your account.

      Get Started

      Get started with no commitment today.


       

      Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

      Reading Recommendation 📚

      Grow your expertise with our free ebook!

      Sign up for the Maverick Newsletter

      • Please select topics of interest

      • We occasionally send out emails with special offers.