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April 24, 2021 
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SBA launches a new $5000 EIDL Supplemental Targeted Advanced Grant for businesses hardest hit by Covid-19. This new $5000 grant from the SBA starts April 22, 2021.
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This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
The press notice that was released by SBA on April 22, 2021 reads as follows:
SBA Launches Supplemental Targeted Advance for Small Businesses Hardest Hit by COVID-19
“WASHINGTON –The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) 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 that have been most 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 [email protected], COVID-19 EIDL disaster loan payment questions to [email protected], and contact SBA’s Customer Service Center at 1- 800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).”
Transcript
Hello from Freedom Tax Accounting we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years, we wanted to do this quick video because the SBA came out with a news release saying that they have a new $5000 grant for small businesses, So, let me show you okay.
So, this afternoon the SBA came out with this press release basically saying that they have a new supplemental targeted advance or new $5000 grant okay. Now, who is eligible to get this grant? If you got an EIDL grant last year of $1000 or whatever amount you got, you know that a couple of weeks ago the SBA started sending out this email okay that was an invitation for the targeted EIDL advance which now the SBA is going to allow you to get the remaining funds of your EIDL grant to get the full $10,000 okay. Now remember to get the targeted EIDL grant of the full 10,000, your business had to show a reduction in revenue of 30% and also be in a low-income community okay. So, if you have already done the targeted EIDL application which is basically the one that you have to fill out this table, where you have to tell the SBA your monthly gross receipts for 19/20 and January of 21.
Okay, so if you are eligible for the targeted EIDL grant then the SBA is going to review your targeted EIDL grant application that you have already submitted okay, and basically, instead of showing a 30% reduction in revenue if your application shows a 50% reduction in revenue, they are going to give you the targeted EIDL grant. So, they’re going to give you the remaining funds so you get the full $10,000. But now if you meet the requirement of the 50% reduction in revenue and have less than 10 employees or 10 employees or less then they’re going to give you an additional $5000s. So, basically, if you are eligible to get the targeted EIDL grant of the full $10,000 and you meet the 50% reduction in revenue and have less than 10 employees, the SBA is going to send you an email soon saying that you are eligible to get an additional $5000s, so to see if you want them.
Okay now if you have not submitted your targeted EIDL advanced application, which is this one, it’s this email that you get from the SBA and then on the bottom, it has a green button that you press to do the application. If you have not done the targeted EIDL advanced application yet when you do the application now, the application has changed and it’s going to tell you, it’s going to ask you if you want to be eligible for the additional 5,000 as well okay. Now, remember in order to get the additional $5000 you need to have and show the SBA the 50% reduction in revenue in a low-income community and have less than 10 employees okay. So, that’s the new $5000 grant from the SBA okay.
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