The deadline to apply for the Small Business Administration (SBA) Targeted EIDL Advance and SBA Supplemental Targeted Advance is approaching fast.
Local businesses could be eligible for up to $15,000 that does not need to be paid back. The final day to apply is Dec. 31.
Applicants are reminded to review eligibility criteria and application instructions located on the SBA website. The key criteria for Targeted EIDL Advance are:
- Your business must be located in a census-defined low-income community. Check this map to see if you are.
- Your business must have suffered more than 30 percent economic loss due to the pandemic. Compare any 8-week period after March 2 of 2020 to the same 8-week period in 2019 to determine if your loss was over 30 percent.
- Your business must have 300 or fewer employees.
The key criteria for the Supplemental Targeted Advance include the three above and two additional criteria:
- Your business must have suffered more than 50 percent economic loss due to the pandemic. Compare any 8-week period after March 2nd of 2020 to the same 8-week period in 2019 to determine if your loss was over 50 percent.
- Your business must have fewer than 10 employees.
For more information, contact the Umatilla Electric Cooperative’s Business Resource Center at 541-289-3000 or email uecbrc@gmail.com.
