Here's the latest look at data on both EIDL Advance and Targeted EIDL Advance approval. In particular, we've broken down how much actual Targeted EIDL Advance progress has been made, state-by-state. Overall, there's reason to be cautiously optimistic if you're still waiting for Targeted EIDL Grants.
At the bottom of this post we have a link to state-by-state data on average EIDL Advance funding, and Targeted EIDL grant funding and approvals.
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Less Than 4% of Targeted EIDL Grant Funding Has Been Allocated
In December 2020, the second major relief package was passed which allocated $20B in funding for Targeted EIDL Grants. That was over 4 months ago.
On April 29, 2021, the SBA released the latest EIDL Grant and Loan data. The new report shows that only 89,755 Targeted EIDL Advances (aka grants) have been approved for a total of $733M.
That $733M represents only 3.7% of total Targeted EIDL Grant funding. It's been 18 weeks since the funding was approved — if we average out total approvals over that entire period, that's less than 5,000 Targeted EIDL Advance approvals per week — shockingly low.
By comparison, the original $20B for EIDL Advances sent money to over 5.7M businesses, and the SBA had exhausted the funding allocation after around 3 months — nearly 500,000 approvals per week.
Businesses Have Received An Average of Over $8K in Additional Targeted EIDL Grant Funding
The vast majority of small businesses who've received the Targeted EIDL Advance are 1 person businesses. We know this because the average additional funding amount of the Targeted EIDL Grant is $8,168.
Since the Targeted EIDL Grant is an automatic top up to the full $10,000 Advance (if you're eligible), this means that the vast majority of small businesses getting this funds only received $1,000 from the first EIDL Advance, and in some cases $2,000.
This generally makes sense, but the fact that it skews so heavily toward 1 person businesses is surprising. The average EIDL Advance amount in the first go-around (among the 5.7M businesses that received some original EIDL Advance) was $3,459.
In the new Targeted the SBA of course had "targeted" rules namely that you had to be a business with 10 or fewer employees. The long-tail of now-eligible businesses are, indeed, 1 person businesses or sole proprietors.
Less Than 2% of EIDL Grant Recipients Have Received a Targeted EIDL Grant
The most surprising trend from the recent SBA report is indeed this: Of all the small businesses that received original EIDL Grants, only 1.6% of them have received Targeted EIDL Grants.
Our original "low-income community" data has showed that perhaps 1/3rd or more businesses are indeed eligible for Targeted EIDL Grant funding — and have been patiently waiting. Of course, as our first point illustrates, this gap is primarily due to only 3.7% of funding being allocated so far.
Since Isabel Guzman took over as the head of the SBA we've reported on several positive trends, including better communication, the increasing progress of Targeted EIDL grants, and the increasing of the EIDL loan limits.
In fact, our YouTube surveys have shown a much higher percentage of approvals as well (which skews to the people who believe they're qualified, including smaller businesses and sole proprietors who would meet the Targeted EIDL requirements.)
Our last major poll (with over 5,000 respondents) found that 15% have reported being approved for the Targeted EIDL Grants — a far cry from the 1.6% of overall approvals (based on original EIDL Grant recipients)
Conclusion: There's Still A Long Way to Go with Targeted EIDL Advances
Our main takeaway from the surprising data report released last week is that there is a long way to go and small business owners and sole proprietors should continue to be patient. The SBA, for some reason, despite signs of headway, are reporting very slow progress. Less than 4% of Targeted EIDL Grants have been allocated.
While we've shifted focus to step-by-step instructions on Supplemental Targeted EIDL Grants and progress there, it's concerning that little progress has been made on the Targeted EIDL Grants. It's very likely that some business owners will receive $15,000 in EIDL Advance funding before many others have even been considered for the Targeted EIDL Grant $10,000.
As new data becomes available, we'll post it here first for Skip Plus members, and you can start a free 15-day trial here. We even have new grant and funding opportunities now available.
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State-by-State EIDL Grant Approval Data
Here's a link to our state-by-state EIDL Grant and Targeted EIDL Grant approval data, which includes new calculations and percentages not covered elsewhere.
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