According to our most recent survey on our YouTube Channel this morning, about a quarter of small business owners who believe they are eligible for the Targeted EIDL Advance program have received the email invitation to apply from the Small Business Administration (SBA), while about 75% have not (applications are open to those who receive the invitation only).
If you’re still waiting, you’re not alone! When the SBA began sending out emails on February 1, they stated that the process could take several weeks to complete. We expect that invitations will continue to arrive, but in this post, you’ll find some tips for what to do now to prepare and expedite the process.
Double Check Your Eligibility
The eligibility for the first round of Targeted EIDL grants is fairly limited. To qualify, you will need to have received some EIDL funding (but not the full $10,000), in the first round of EIDL Advances and be located in a low-income community according to IRS data. You can double check if your address qualifies under the low-income requirement with our EIDL tracker on the Skip App here. If you haven’t received information from the SBA yet, it’s possible that you aren’t eligible. However, some eligible people haven’t heard yet, so if you believe you are eligible and haven’t gotten an email invitation to apply from the SBA, don’t panic.
Prepare for the Application
If you do believe you are eligible, you should hear from the SBA soon. In the meantime, you can prepare for the application by collecting records of your business’ income from January 2019 to present. You will be required to provide revenue documentation for the application.
If you haven’t filed your 2019 taxes, you should also do that immediately, because you will not be able to receive the EIDL advance until your 2019 tax return is filed. You don’t need to have completed your 2020 return to get the funds, however.
Reach Out to the SBA
You can reach out to the SBA’s customer service team dedicated to the Targeted EIDL Advances specifically if you want to check on the status of your application and make sure you haven’t missed anything from the agency. To reach the Targeted EIDL Advance customer service team, email email@example.com or call 1-800-659-2955. We have heard from some business owners that they have had success with reaching the SBA this way.
Apply for Alternative Grants
While you wait to hear from the SBA, you can seek alternative funding for your small business. If you’re looking for additional grants and loans on the federal, state and city level, you can sign up for a free trial of Skip Plus to get access to our exclusive grants and loans research, which includes new programs shared biweekly and a regularly updated list of programs available throughout the U.S.
We expect the SBA to continue reaching out to small business owners through the end of the month. In the meantime, we will keep you updated on the latest EIDL, PPP and stimulus news on the Skip App. You can also read our guide to the Targeted EIDL application here.