Before you head off for your Memorial Day weekend, a quick recap on all the important small business and SBA funding news from the past week. Plus, a new $250,000 grant program goes live and the SBA will open up Targeted EIDL Grants to more people soon.
Targeted and Supplemental EIDL Grant Approvals Increases Pace
The SBA released new EIDL loan and grant data today that shows positive progress. The Targeted EIDL Grant funded rate has doubled since the previous week. 130,000 Targeted EIDL Grants have now been funded, up from 110,000 last week, and 106,000 the week prior.
Supplemental EIDL Grants now make up over half of the total Targeted EIDL Grants funded. 70,000 Supplemental EIDL Grants have been funded, up from 50,000 last week, and 12,000 the week prior.
We've done state-by-state approval charts for all Targeted and Supplemental EIDL grant approvals in case you're tracking approvals in your state.
Most People are Still Waiting for SBA Funding
Tired of waiting for EIDL loan increases or EIDL grants (or other SBA funded programs)? You're definitely not alone. We've run 2 surveys in the past week and the results were surprising:
First, 93% of folks have not received their EIDL loan increase. That's from over 6K votes.
Second, 28% of folks report having received no SBA funding at all over the past year. That's from nearly 5K respondents and includes PPP loans as well.
The moral of the story: You're not alone in waiting if you are still waiting. And if you want to see everyone in the US who has received a PPP loan, EIDL loan, or EIDL grant, we've created an EIDL recipient lookup here.
In the past week we've had nearly half a million people search for their business or other businesses on our lookup tools.
More Alternatives to SBA Funding are Becoming Available
In addition, we've announced a new $250,000 grant program that Linktree has just announced called the Passion Fund. It's open to anyone over 18 with a passion, side hustle, or business. We've covered details on it on the Skip Plus grants tracker. It has 30 grants to distributed up to $20K each and the deadline is at the beginning of July.
Finally, we've covered other grant, loan, and funding options this week on our grants tracker, too.
The SBA Says They Will Open Up Targeted EIDL Grant Applications in June
Last but not least for this week's recap: SBA Administrator Isabel Guzman announced that the SBA will invite more people to apply for Targeted EIDL Grants in June. This is similar to other information we received a few weeks back. The exact timing is to be determined, but we'll keep you posted on that — and we're optimistic this will help accelerate the pace of both Targeted and Supplemental EIDL Grant approvals.
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