Small businesses that have been hurt by the pandemic can still get help from the Small Business Administration. It has yet to give out all of the $5 billion in grants available under its 2021 Supplemental Targeted Advances program, and is still accepting applications.
SBA New Jersey District Director Al Titone explained who is eligible.
“Any businesses that are located in a low-income community as defined by the IRS, have suffered a 50% economic loss over an 8-week period since March 2 of 2020 compared to the previous year, and have 10 or fewer employees,” he said.
Each business can get a $5000 grant.
Businesses can contact the SBA at targetedadvance@sba.gov, and Titone warned businesses that any emails they get must be from an email address at SBA.gov or else they are scams. He added that the SBA never charges application fees.
“If you’re applying for one of these programs,” he said, “the SBA is never going to ask you for money to apply, they’re never gonna ask you for money to give you money.”
The Supplemental Targeted Advances program was launched just last month as part of President Biden’s American Rescue Plan, and money was added to it, which is the reason funds are available, Titone said.