Still Billions in EIDL Available
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.