The Targeted EIDL (Economic Injury Disaster Loan) is the cash advance grant program for small businesses in low-income communities. This program seeks to give the small businesses the outstanding balance from the $10,000 that was guaranteed under the 2020 CARES Act. For more information about the Targeted EIDL program click this link.
Although there are some great YouTube videos out there helping you through the Targeted EIDL application, I find 2 big things that aren’t discussed. I have to call the SBA Disaster Assistance customer service line to get these answers. I am writing this to save your time and money.
Know If You Are An Owner Or Sole Proprietor on The IRS 4506-T Tax Return Transcript Form
I am an independent contractor but that category is not on the tax form. I have called the loan specialist who tells me to select the sole proprietor.
You Must Click On The ‘Submit For Processing’ Button
All of the Targeted EIDL tutorials show screen with the In Progress category. However, you must click on the submit for processing button after completing the 4506-T tax form. Leaving your application in ‘In Progress’ mode means that the SBA will never process it. This means no money.
I hope that these two tips help you submit a correct Targeted EIDL application to receive the balance of your cash advance. Good luck you all.