The Small Business Administration has announced that small businesses that were declined for the Targeted Economic Injury Disaster Loan Advance program can submit requests for reevaluation.
The Targeted EIDL Advance program was introduced to provide additional financial help to small businesses impacted by the COVID-19 pandemic and provides applicants up to $10,000 in funding that does not need to be repaid, SBA said Tuesday.
Applicants should be located in a low-income community, have 300 or fewer employees and can demonstrate a reduction of more than 30 percent in revenue during an eight-week period starting on March 2, 2020, or later.
Submissions of reassessment requests are due Feb. 15th. Under the current administration, the Targeted Advance program has distributed approximately $5 billion to nearly 600,000 small businesses, especially those in underserved communities.