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The Small Business Administration (SBA) last week launched the supplemental targeted EIDL advance program, which was created under the American Rescue Plan Act. The program allows eligible businesses an additional $5,000 advance that does not need to be repaid.

SBA will contact eligible businesses to apply and applications will be processed on a first-come, first-served basis. To qualify, a business must be in a low-income community, suffered greater than 50 percent economic loss, and have 10 or fewer employees.

All processing is done by the SBA; credit unions and other lenders do not need to do anything. Additional details on the program can be found in NAFCU's American Rescue Plan Act summary resource.