SBA offers targeted advances to small businesses

April 26, 2021

The U.S. Small Business Administration (SBA) on April 22 launched a new round of Economic Injury Disaster Loan (EIDL) targeted advances that will provide $5 billion in additional assistance to 1 million small businesses and nonprofits impacted by the COVID-19 pandemic.

The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the 2021 American Rescue Plan Act.

This additional relief to the smallest and hardest hit businesses builds on the SBA’s 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 will contact eligible business entities to apply and will process applications on a first-come, first-served basis.

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