EIDL Grant or The Economic Injury Disaster Loans Grant is an assistance program of the federal government under the Coronavirus Aid, Relief, and Economic Security Act. The said program is supervised by the U.S Small Business Administration (SBA) and serves as an extension of the Economic Injury Disaster Loans.
The program was created to give additional support for small business owners, entrepreneurs, enterprises, and non-profit groups/organizations that are greatly affected by the hit of the pandemic. Within the program, the small business can receive financial assistance up to $15,000 as long as they will pass the eligibility rules of the program.
One of the best things within the program is that it is a 100% free allocation and it does not need to be repaid by its beneficiaries. The EIDL Grant has two types, the Targeted EIDL Advance and Supplemental Targeted Advance.
Even the mission of both EIDL Loan and EIDL Advanced Grant is to support and help the small businesses and non-profit groups to recover from the effect of the pandemic, there’s a great difference between the two.
EIDL Advanced Grant is a completely free program that gives financial assistance rather than EIDL Loan that needs to be repaid. However, the amount of limits in the EIDL Loan is higher than the EIDL Advanced Grant.
But then, these programs serve as a huge opportunity for each small business owner to have a new beginning in their industry.
The eligibility requirements of the two Economic Injury Disaster Loans (EIDL) Advance Grant Programs are different from each other. You can check the specific requirements for each program below.
Targeted EIDL Advance
Supplemental Targeted Advance
To apply on any of the two Economic Injury Disaster Loans (EIDL) Advance Grant Programs, you can navigate through their portal website and start the application process.
The application process for the Economic Injury Disaster Loans (EIDL) Advance Grant has its priority groups or individuals wherein they are the ones who will be assessed or entertained first. You can see the SBA’s priorities below.
Upon applying for any of the two programs, you can see below the required documents that you will need for the application process.
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READY TO APPLY FOR GRANTS?
Before you start the application procedure, double-check that you or your organization are eligible for the grant.
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Financialgrants.org is a knowledge-based portal that shares knowledge with those who are in need. To understand how you can qualify to get such grants, you need to do some detailed research on the different types of federal grants.
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