The American Rescue Plan Act updates EIDL program with additional funding and supplemental Targeted EIDL Advances
The American Rescue Plan Act of 2021 (ARPA) has added an additional $10 billion of funding to the existing Targeted EIDL Advance program. The program provides grants to entities that had previously applied for the program under the CARES Act but did not receive all or a portion of their $10,000 grant.
In addition, the ARPA adds $5 billion to a new program, the supplemental Targeted EIDL Advance, for small organizations. Eligibility requirements are as follows:
- The entity has been in operation since at least January 31, 2020
- The entity employs not more than 10 employees
- The entity has been directly affected by the COVID-19 pandemic
- The entity is located in a low-income community
- The entity has suffered an economic loss greater than 50%
An eligible entity will receive $5,000. Currently, the application process and timing for the new supplemental targeted EIDL grants have not yet been posted by the SBA. The SBA stated that details about these new efforts will be available in the coming weeks.
Wipfli can assist your organization in obtaining an EIDL advance
If you need assistance understanding your EIDL eligibility or applying for an EIDL, contact Wipfli. Our industry specialists are able to answer questions unique to your organization’s situation and guide you through the process of obtaining an EIDL.
For more information on other COVID-19-related topics, visit our COVID-19 resource center.
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