EIDL grants will be given to small businesses located in low-income communities,* who have experienced a 30% reduction in gross receipts during any 8-week period between March 2, 2020 and December 31, 2021 compared to a comparable 8-week period before March 2 or in 2019.
Also, if you meet this description and previously received a EIDL grant that is less than $10,000 you can reapply to receive the difference (those reapplying for the full grant will receive approval priority over new applicants).
What: The EIDL grant is a form of small business relief providing $10,000 dollars in grants, i.e., completely free and non-repayable money, to select small businesses. The grant program was part of the initial CARES Act in 2020, but funds were exhausted within months. In December, Congress allocated additional funds for the program.
Who is Eligible:
* What is a low-income community? This article explains how to determine if you live in a low-income community, and the federal government offers this map where you can type in your address for determination.
When to Apply: Authorized through December 31, 2021, but applications close when funds run out – so if eligible, apply fast. SBA hopes to be accepting applications on or around January 17, 2021.
How to Apply: We expect the SBA application portal to be ready by January 17, 2021. Small businesses should monitor the SBA website in the next week for more information.