September 8, 2021
C-Suite Wednesday – Billions Available in the EIDL Program
The SBA’s Economic Injury Disaster Loan program for the COVID-19 Pandemic still has plenty of funds remaining. The program’s application deadline is December 31, 2021, unless funds run out before this. As of September 2, 2021, nearly 4 billion EIDLs have been approved (3.83 million loans). This totals $262.72 billion approved for small businesses. There is almost $100 billion left for the Economic Injury Disaster Loans.
The Targeted EIDL Advance can provide up to $10,000 to previous applicants. Applicants do not have to be approved or accept the EIDL to receive this advance. This specific grant is available to businesses in low-income communities with a 30% reduction in revenue and 300 or fewer employees. Almost 400,000 Targeted Advances have been funded for $3.35 billion. $26 billion is still available for this program.
The Supplemental Targeted Advances provide up to $5,000 in supplemental funds that do not have to be repaid. It is possible to receive this advance in addition to the Targeted EIDL Advance if the business is located in a low-income community with more than a 50% economic loss and 10 or fewer employees. Over $1.5 billion in supplemental advances have been funded for more than 312,000 applications. $3.5 billion remain for the supplemental grant program.
In May, the SBA Office of Inspector General released a report focusing on EIDL identity theft fraud. By January 31, 2021, the SBA referred more than 846,000 EIDL applications to the OIG. They were able to recover $1.1 billion in 12,813 disbursed loans.