Targeted EIDL Advance FAQ & more updates

Illinois District Office - April 2021

u s small business administration

Targeted EIDL Advance Frequently Asked Questions 

Economic Injury Disaster Loan and Economic Injury Disaster Loan advance, , EIDL, Coronavirus

The Targeted EIDL Advance provides advance funds of up to $10,000 to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

I received an email invitation inviting me to apply to the Targeted EIDL Advance program. Does this mean I qualify? 

Not necessarily. The SBA is contacting those who received a previous EIDL Advance in an amount less than $10,000 and those who applied for EIDL assistance on or before December 27, 2020 but did not receive an EIDL Advance due to lack of program funding.

In addition to being among those two groups, applicants must meet the below eligibility requirements: 

  1. Have 300 or fewer employees
  2. Business must be located in federally identified low-income communities. Please use this mapping tool to verify that the business is in a low-income community.
  3. Can demonstrate a reduction in revenue of more than 30 percent during an 8-week period beginning on March 2, 2020 or later.

What are some things I can do to prepare to apply?

If you have not yet filed your 2019 Federal Tax Return, you should complete that process. You will also be required to provide the business’ monthly gross receipts for each month from January 2019 through the most recent month-to-date period. This information will be used to determine that your business meets the greater than 30 percent reduction in revenue requirement during an 8-week period beginning on March 2, 2020.

How can I check the status of my Targeted EIDL Advance application? 

Business owners can contact SBA’s Customer Service Center at 1-800-659-2955 or by email at TargetedAdvance@sba.gov if they have questions about the Targeted EIDL Advance program.

Remember that receiving the invitation to apply does not mean you are guaranteed to receive the Targeted EIDL Advance. The SBA will contact you after you have applied and qualify with the next steps. 

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Cross-program eligibility information

PPP, SVOG, EIDL Graphic

It is important to understand how applying for SBA relief programs may affect your eligibility for other programs. 

  • You can receive an Economic Injury Disaster Loan and a Paycheck Protection Program loan. You cannot use the loan proceeds for the same purposes. 
  • You can receive an Economic Injury Disaster Loan and a Shuttered Venue Operators Grant but it cannot be used for the same purposes.
  • If you receive a Paycheck Protection Program loan after December 27, 2020, the amount of your PPP loan will be deducted from your Shuttered Venue Operators Grant award amount. 
  • You cannot receive a Paycheck Protection Program loan after receiving a Shuttered Venue Operators Grant. 

Please see the cross-program eligibility matrix below for more information.

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Upcoming small business trainings

webinar: resources for small businesses or small business

 

Women's Webinar Wednesday

Women's Webinar Wednesday provides a space for women entrepreneurs to learn about resources available for their small business needs. Presenters will discuss how to access capital, build wealth and advocacy, how to grow a business, and barriers women entrepreneurs are presented with. Bring your questions and be prepared to learn about programs and opportunities to empower women as they start, scale up, and improve their business. Wednesday, April 14, 11 a.m.

Sign up

Starting Your Business in Illinois

Starting a business in Illinois is exciting, but also challenging. This no-cost workshop hosted by the International Trade Center at College of Lake County gives the entrepreneur a realistic view of the requirements to start a business and the resources available to support a new venture. This is a live/Zoom workshop. Registration is required. Thursday, April 15, 9 am.

SBDC Webinar: Social Media For Your Business

In this webinar, the Small Business Development Center at the College of DuPage will cover ways to use social media to enrich your marketing efforts for your business. Join us for an overview of each platform and learn how to use them in a way that makes sense for your business. Thursday, April 15, 11 a.m.

Sign up

Fridays With Fergie

You've got small business questions. SBA Illinois Deputy District Director Mark Ferguson (aka "Fergie") has answers. Tune in, stay connected, and take your small business to the next level. Join anytime in the 1.5-hour event to learn about the SBA and our coronavirus relief programs. Each week, we will discuss new topics, including coronavirus relief programs at the SBA, the Paycheck Protection Program and updates to the program, the Economic Injury Disaster Loan Program, Shuttered Venue Operators Grant, and SBA programs. Friday, April 16, 11:30 a.m.

Sign up

Taking the plunge: Is Self-Employment For You?

The SBA is participating in the Illinois Department of Employment Services webinar series to discuss what it takes to become a business owner. Topics will include an entrepreneurship readiness test, business finances, and SBA programs and services. 

8(a) Orientation workshop/SAM Registration

This webinar will provide an overview of the 8(a) Business Development program, eligibility requirements, program benefits and training, steps to registering in the System for Award Management (SAM) database in order to do business with the federal government. Wednesday, April 21, 9:30 a.m. 

Sign up 


Stay updated

Visit sba.gov/relief for updates on the loan programs, guidance for businesses and employers, and other SBA resources.

If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.

Follow @SBA_Illinois on Twitter.

E-mail questions to illinois.do@sba.gov.