Small Business Grant Funding Available
As part of the economic stimulus and recovery package that was approved in December, 2020 the Small Business Administration (SBA) has new grant funding. The Targeted Economic Injury Disaster Loan (EIDL) Advance will be made available to prior EIDL Advance recipients and then afterwards to new applicants. Businesses may be able to receive up to $10,000 in forgivable funding.
To qualify, businesses must be located in a low-income community. This is defined as having a census track poverty rate of 20% or greater. The other qualifying criteria is that a business must demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later.
Census tracks within the Univeristy District meet the threshold to be considered a low-income community. Community demographic information can be looked up using the following search tool (best viewed on a desktop). https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx
Follow these stops:
Select 2020 as the year
Type in the business address and hit search
Cllick the Census Demographic Data button
Select the Income tab.
Record the poverty level percentage and the MSA-State-County-Tract number for future reference
For detailed information, including how and when to apply, please visit the SBA’s Targeted EIDL website.