The SBA has just released further details on all of the frequently asked questions for the Targeted EIDL Grants. We've covered it in the video below and the full SBA document is here. Find out how much you can get on the Skip app on our free EIDL Grant tracker.
What's In the Targeted EIDL Grant FAQ?
Here's the quick summary with the most important highlights:
- The SBA will reach out to you starting today, February 1st, 2021 and they'll be emailing over the "next several weeks"
- The SBA is unsure if they will expand the funding after the first two eligible groups, this depends on funding availability
- The first two eligible groups are: 1) People who received less than $10K last time and are in a low-income community and; 2) People who applied last year but didn't receive anything due to lack of funding and are in a low-income community
- The SBA will require revenue reduction documentation directly from you
- You can prepare by ensuring your 2019 federal taxes are filed and you have revenue statements from both 2019 and 2020.
Four Highlights from the SBA's New Targeted EIDL Advance Rules
We've pasted 4 clarifications from the SBA that we thought are especially helpful, as new information. Take a quick scan of them below.
Targeted EIDL Grants For New Groups?
Here's the snippet. They say "no" not at the moment, but it's all funding dependent. In our opinion, they are likely being conservative here.
Are You in a Low-Income Community or Not?
Here's how the calculate. Same thing that was in the law and the same thing that we use on our app. But here it is.
What Can You Use the EIDL Grants For?
Here it is. Similar to the first usage of funds, it's pretty broad as it relates to your business.
What If I Have More Questions?
OK, while the SBA says "we'll contact you" you may have circumstances (your address changed, for example) where you need to contact the SBA about this. Here's the info.
What Does the Targeted EIDL Grant Email Look Like?
Since we originally posted this, we've received reports on what the emails from the SBA look like and how the new Targeted EIDL Advance portal works. Here's our write-up on that.
📌 Pro-tip: Set up the EIDL Grant tracker on the Skip App to see how much you're eligible for then share with a friend so they can check as well. If you don't have the app, you can get it here.