The Small Business Administration is still giving out up to $5 billion in grants under its 2021 Supplemental Targeted Advances program, launched last month. The grants are part of President Joe Biden’s $1.9 trillion coronavirus stimulus law and meant to benefit the small businesses hit hardest by the coronavirus pandemic.
To be eligible, the small businesses must have no more than 10 employees, be located in low-income areas, and had an economic loss due to the coronavirus pandemic of greater than 50% over an eight-week period since March 2, 2020, compared to the previous year.
These eligible businesses can receive $5,000 in grants, meaning the money does not have to be repaid. These grants are in addition to the $10,000 many businesses received from earlier Economic Injury Disaster Loan funds and their PPP loans.
The SBA will continue to accept applications until the money provided under the stimulus law is gone. The program is targeted at up to 1 million small businesses and nonprofits.
The SBA is contacting eligible small businesses and inviting them to apply for the grants.
Separately, the SBA increased the maximum loan amounts for COVID-19 assistance to 24 months of working capital up to $500,000 from six months and $150,000.
For more information, businesses can contact the SBA at targetedadvance@sba.gov or 1-800-659-2955 (1-800-877-8339 for the hearing impaired).
