2021 Targeted EIDL Advance Grant: What Does Your Small Business Need To Know Now?
The 2021 EIDL Advance Grant gave a boost to small businesses hurting from pandemic complications. What is the current state of the program?
On December 27, 2020, the COVID-19 Targeted EIDL Advance was signed into law. The 2021 EIDL Advance was available to previous EIDL Grant applicants that received less than the full $10,000 Advance in the first round of COVID EIDL Grant funding in 2020, were also located in economically distressed areas, and had suffered a 30% loss in income due to COVID.
On January 1, 2022, the SBA stopped accepting applications for new COVID EIDL loans and advances but continued to process previously submitted applications. In May 2022, the SBA announced the program had run out of funding, and as of May 6, 2022, the SBA stopped processing all COVID EIDL applications, increase requests, and requests for reconsideration.
The SBA also announced a deferment extension, effective for all COVID EIDL loans approved in calendar years 2020, 2021, and 2022: loans now have a total deferment of 30 months from the date of the Note. Note that only EIDL loans—not advances/grants—need to be repaid.
Table of Contents
- What Is The Targeted EIDL Advance Grant Program?
- Are There Other Grants Like The Targeted EIDL Grant 2021?
- Can You Still Apply For A Targeted EIDL Advance 2021 Grant?
- EIDL Advance 2021 FAQs
- More Funding Resources For COVID Relief
What Is The Targeted EIDL Advance Grant Program?
SBA’s 2021 EIDL Advance Grant (now ended) provided grants as large as $10,000 that did not need to be repaid. The 2021 EIDL targeted grants were restricted to previous EIDL Grant applicants that received less than $10,000 in the first (2020) round of EIDL Grant funding. In addition to previous EIDL applicants that received a partial EIDL Advance between $1,000 and $9,000, businesses eligible for the 2021 program also included those that previously applied for an EIDL Grant but didn’t receive one due to a lack of available funding.
The 2021 EIDL Advance program was additionally restricted to businesses located within economically distressed areas that could also prove they suffered at least a 30% loss in income due to COVID during an eight-week period beginning on March 2, 2020, or later.
Businesses did not need to apply for the 2021 EIDL Grant; the SBA reached out to those eligible.
Are There Other Grants Like The Targeted EIDL Grant 2021?
While the US government is no longer funding COVID-related small business programs such as EIDL loans or PPP loans, there are other types of SBA loans available. However, these loans may not be as easy to obtain compared to the COVID relief funds offered in 2020 and 2021.
For example, you can apply for a non-COVID EIDL relief loan from the SBA. These loans are not forgivable and are limited to businesses located in a disaster area that have suffered economic damage as a result of said disaster.
There are also various small business grants funded by the federal government, business organizations, local governments, or even for-profit companies. These grants may be limited to certain demographics of business owners, such as minorities, veterans, or women.
Scroll down to “More Funding Resources for COVID Relief” to see some more small business grant and loan options.
Can You Still Apply For A Targeted EIDL Advance 2021 Grant?
You cannot apply for an SBA EIDL Advance, as the program stopped accepting new applications back in 2022.
And as of May 6, 2022, the EIDL Advance program officially ran out of funds, so it is no longer even processing previously submitted applications, nor is it accepting loan increase requests or requests for reconsideration of previously declined loan applications.
Previous EIDL applicants and recipients should also know that you can use the MySBA Loan Portal to make payments on your PPP or EIDL loans, or access statements on your loan.
EIDL Advance 2021 FAQs
More Funding Resources For COVID Relief
Even if you didn’t receive an EIDL Advance in 2021, that doesn’t mean your small business isn’t eligible for any other type of financial relief, pandemic-related or otherwise. There may still be small business grant options you can apply for, as well as low-interest loans you could use to fund your business.
Business owners who still need coronavirus relief or just need a financial boost to start or continue operating their business should look into small business grants and/or the best SBA lenders for small businesses.