LOC News
Small Business Assistance Still Available Through SBA
Small businesses across Oregon can take advantage of up to $15,000 in funding from the Small Business Administration (SBA) through the COVID-19 Economic Injury Disaster Loan (EIDL) Targeted Advance and Supplemental Targeted Advance programs. These programs still have billions of dollars available but there is a December 31 deadline for SBA to use the funds.
These "advances" function like a grant, but without the typical federal grant requirements. To receive an advance, a business must apply for a COVID-19 EIDL. The business does not need to accept the loan or be approved for the loan to receive the advance.
Information on these two programs is on the SBA website, including eligibility requirements and application instructions. Both programs require applicants be in a “low-income” community as defined by the internal Revenue Code, many areas across Oregon are eligible (in purple on the inset map), you can see if your city qualifies on this interactive map.
The Targeted EIDL Advance is $10,000 and businesses with 300 or fewer employees who can demonstrate a 30% revenue reduction over eight weeks since the pandemic began can qualify. The Supplemental Targeted Advance is an additional $5,000 for businesses with 10 employees or less and a 50% revenue loss.
Businesses with questions can contact SBA’s Customer Service Center at 1-800-659-2955 or by email at TargetedAdvance@sba.gov.
Contact: Mark Gharst, Lobbyist - mgharst@orcities.org or 503-991-2192
Last Updated 10/29/21