Still Billions in EIDL Available

Two grants programs remain opened through the end of 2021. 

Nov. 1, 2021—The Small Business Administration still has tens of billions of dollars left in its Targeted Economic Injury Disaster Loan Advance grant program — and just two full months remaining for small business owners to claim it, MassLive reported. 

So far the $10,000 grant program has funded 447,473 grants for a total of about $3.8 billion, according to SBA data through October 21. That is just a tiny fraction of the $30 billion Congress approved. 

And while early data showed enormous need from small businesses for the grant program, a stipulation that businesses must be located in low-income areas has dampened its utility. That requirement has left small-business owners outside those borders frustrated, even if they initially received a partial grant in 2020.

And a follow-up grant by the SBA, the Supplemental Targeted Advance available to the smallest businesses that had received the initial Targeted EIDL grant, has disbursed about $1.8 billion to 359,864 businesses. Congress had given the SBA $5 billion for that program.

Both of these grant programs expire at the end of 2021. 

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