New round of COVID aid available for small businesses

Mission West Community Development Partners this week announced new COVID-19 assistance for small businesses that is available through the Small Business Administration (SBA).

The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances called the Targeted EIDL Advance and Supplemental Targeted Advance. This provides eligible businesses with $10,000 in total grant assistance. Business owners who received the EIDL Advance last year in an amount less than $10,000 may be eligible to receive the difference up to the full $10,000. The combined amount of the Targeted EIDL Advance and any previously received Advance will not exceed $10,000.

However, even those who previously received the original EIDL Advance in the full amount of $10,000 may be eligible for the Supplemental Targeted Advance if they meet eligibility criteria. The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000.

“These could really help a lot of small businesses,” said Karen Kallestad, Mission West communications manager.

Visit missionwestcdp.org or call 676-5901 for more information and links to SBA resources to determine eligibility and apply for EIDL grants.