Small Businesses Have Until Feb. 15 to Apply for Targeted EIDL Advance Re-evaluation
The Small Business Administration (SBA) just announced submissions for Targeted Advance reevaluation requests have until Feb. 15, 2022 to apply. This is for small businesses that have already applied for the Targeted EIDL Advance program and were declined.
Targeted EIDL Advance Re-evaluation Deadline Approaching
For small businesses that were declined for the Targeted EIDL Advance applications, which ended new applicants as of December 31, 2021, you can submit the reevaluation requests only until Feb. 15. According to the SBA, the applicants for the reevaluation also must provide additional information to demonstrate their eligibility.
As per the SBA’s own eligibility criteria, they are:
Located in a low-income community. To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool (sbaeidl.policymap.com) is available. The business address must be in a low-income community to qualify. Applicants whose businesses have re-located to a low-income community since submitting their original application must submit proof of relocation, such as a lease agreement, utility bill, or mortgage with the name of the business.
Demonstrated reduction in revenue. Eligible applicants must demonstrate a more than 30 percent reduction in revenue during an eight-week period beginning on March 2, 2020, or later. If an applicant meets the low-income community criteria, they will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30 percent reduction; and
Have 300 or fewer employees.
The Targeted EIDL Advance program is a $10,000 grant applicants don’t have to repay. And to date, the program has provided around $5 billion to nearly 600,000 businesses. This is especially the case for small businesses that were the hardest hit in underserved communities.
Applying For The Reevaluation
Once you meet the eligibility criteria after the decline of the original application, you can request the Targeted EIDL Advance reevaluation by emailing email@example.com. You must include documents showing your eligibility for the Targeted EIDL Advance program.
Additionally, you can call SBA’s Customer Service Center at 1-833-853-5638 (855-440-4960 for the deaf and hard-of-hearing) or email DisasterCustomerService@sba.gov for further assistance. The center is open Monday through Friday from 8 a.m. to 8 p.m. EST. Multilingual representatives are available.
You can get further help by contacting SBA’s Resource Partners by visiting www.sba.gov/local-assistance.
This article, “Small Businesses Have Until Feb. 15 to Apply for Targeted EIDL Advance Re-evaluation” was first published on Small Business Trends