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SBA Has a $5 Billion Grant Program for Small Businesses

SBA Has a $5 Billion Grant Program for Small Businesses

The Small Business Administration has started distribution of some $5 billion in additional grants to small businesses hardest hit by the coronavirus pandemic.

The grants, called “Supplemental Targeted Advances,” will go to 1 million eligible small businesses and non-profit organizations, according to a news release from the SBA. The grants are open to small businesses even if they received $10,000 in its other programs – the Economic Injury Disaster Loan Advance from March and April 2020 or its successor, the Targeted EIDL Advance.

The STA program provides up to $5,000 to eligible applicants. SBA is currently in the process of contacting previous recipients to see if they would also qualify for the supplemental grant, which will be awarded on a first-come, first-serve basis.

To qualify, applicants must be located in a low-income community; suffered greater than a 50% economic loss over an 8-week period since March 2, 2020 compared to the previous year; and have 10 or fewer employees.

You can get more information at SBA.gov/eidl

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