Arlington: SBA Offers More Funding For Qualifying Small Businesses

Press release from the Greater Arlington Chamber of Commerce:

May 10, 2021

If your business has 10 or fewer people, is in an economically disadvantaged community and had a loss of revenue of 50% or more in an 8-week period since the pandemic began, you may qualify for an additional $5000 grant from the SBA. This can be in addition to having received the full $10,000 grant under the original EIDL grant program.

Businesses eligible for the Supplemental Targeted Advance of $5,000 must also meet ALL the following eligibility criteria:

• Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. The SBA will map your business address to determine if you are in a low-income community when you submit your Targeted EIDL Advance application.
• Suffered economic loss greater than 50 percent, as demonstrated by an 8-week period beginning on March 2, 2020, or later, compared to the previous year. You will be required to provide the total amount of monthly gross receipts from January 2019 to the current month-to-date.
• Must have 10 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. CLICK HERE for additional information.

This press release was produced by the Greater Arlington Chamber of Commerce. The views expressed are the author's own.