April 26, 2021

SBA launches new EIDL program

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.