Slideshow about PPP, EIDL, and PPP Forgiveness from Steve Burke, subject matter expert for WA State SBDC
Targeted EIDL Advance ( Only available to those that applied last round)
- Is your business address located in the area shaded in pink?
- Did you apply for an EIDL Advance in 2020 and receive a grant amount less than $10K?
- Has you revenue declined by more than 30% since 2019?
If you can say yes to these three items you should be on the lookout for an email from Targetedadvance@sba.gov. You very quickly will be receiving from the SBA the difference between $10K and the amount you received as an EIDL Advance in 2020. As an example, if you received $3K in 2020 (based on the number of employees you had in your business) as an EIDL Advance you can very quickly receive another $7K.
Applicants do not need to take any action at this time. SBA will reach out to those who qualify.
SBA will first reach out to EIDL applications that already received a partial EIDL Advance (i.e. between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.Targeted-EIDL-FAQ_Final-508_0Download
If your request is approved, you will receive an email notification and an ACH deposit to the bank account you provided in your application. It is very important that you double-check your bank account information carefully before submitting. Incorrect or incomplete information may result in an inability to approve your request or successfully disburse your funds. Carefully review the information below regarding bank account deposits.
- Double check that your account number and routing number are correct. They should be located at the bottom of your checks, if available. Log into your online banking account and locate that information there or contact your bank for confirmation.
- Make sure that the routing number provided is usable for ACH payments. Many Advance applicants submitted routing numbers reserved for other types of payments which resulted in the inability to send them an Advance.
- Bank name should be the official name of the bank; please contact your bank if you are unsure.
- Ensure you provide a checking account to facilitate the ACH payment.
- Double check that your account is still open and able to receive payments.
- Before submitting, you must make sure that the bank account you are providing satisfies the following:
- Account is opened using your business legal name matching the values entered in the business information section on your application. If you do not have a business legal name, the name on the account must match the business owner’s name
- Account has your business address and phone number matching the values entered in the business information section on your application.
- Account is opened using your business tax id (EIN or SSN if no EIN registered) matching the values entered in your initial application.
- Common reasons why the account validation might fail would be the account holder name does not match the business name on the application, the business name changed since opening the account, using a personal account for business, account being in someone else’s name such as a spouse or friend, reusing a bank account for multiple businesses that do not match the business name on the application.
- If you do not have a bank account that satisfies the criteria above, there is a greater chance that SBA will not be able to approve your Target EIDL Advance.
All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant’s behalf.
Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance. SBA will reach out to you if you qualify!