The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan assistance – called Supplemental Targeted Advances – on April 22, 2021 that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11, 2021.
“Many of our nation’s small businesses are still struggling to recover from the economic impact
of the COVID-19 pandemic, and we’ve found that the smallest businesses — the majority of
which are minority-owned — are hurting the most. The SBA’s Supplemental Targeted Advance
program aims to reach those businesses with 10 employees or less who need our help today,”
said SBA Administrator Isabella Casillas Guzman. “The Supplemental Targeted Advance funds
will help us make sure that no small business falls through the cracks or gets left behind. This
program is a crucial part of our efforts to bring businesses back, create jobs and build an
equitable economy for everyone.”
This additional relief to the smallest and hardest hit businesses builds on Administrator
Guzman’s April 6 action to significantly increase the maximum loan amounts for COVID-19 EIDL
assistance from 6 months of working capital with a maximum of $150,000 up to 24 months of
working capital and a maximum of $500,000. SBA also announced on March 12 that the agency
would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to
provide more time for businesses to build back.
Effective April 22, the SBA modified the Targeted EIDL Advance application process to
determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance.
SBA will contact eligible business entities to apply and applications will be processed on a first-
come, first-served basis. To qualify for the Supplemental Targeted Advance, an eligible business
entity must be in a low-income community, suffered greater than 50 percent economic loss,
and have 10 or fewer employees.
For details about the Targeted EIDL Advance and Supplemental Targeted Advance program,
please visit SBA.gov/eidl. Eligible entities can email questions about the SBA Targeted EIDL
Advance and Supplemental Targeted Advance to TargtedAdvance@sba.gov, COVID-19 EIDL
disaster loan payment questions to DisasterCustomerService@sba.gov, and contact SBA’s
Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).
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EDITOR’S NOTE: While a business in downtown Lyons would probably not qualify as “low-income community,” there may be businesses in town that operate out of a Home Office and serve other communities, or who drive to their business in other cities in Colorado, who may benefit from this program.
