If your rental property is located in a low income community and you originally applied for the EIDL before 12/27/20, you may be able to qualify for the $10k Targeted EIDL Advance. Find out how in this video!
DISCLAIMER: please note that the information contained in this video is for educational and entertainment purposes only. You should always consult your own attorney and your own financial and tax advisors before making any legal or financial decisions. This video is not intended to and does not create any attorney-client relationship between the content creator and the viewer. The views and opinions expressed in this video belong solely to the creator and do not reflect those of his law firm or any of his business partners.
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1:33 - Eligibility criteria and considerations
4:25 - How to submit the Targeted EIDL Advance application
6:22 - Amending the principal business address
8:30 - Determining whether the rental property is located in a low income community
10:57 - Inputting the gross revenue (gross rent) information to qualify for the 30% reduction in gross revenue
There are several specific qualifications that landlords must meet in order to be potentially eligible for the Targeted EIDL Advance. Please note that there are no guarantees that this method will work or that you will receive any additional EIDL funds as a result. All landlords should make their own decision with regard to whether or not they wish to submit a Targeted EIDL Advance application and whether they wish to follow the information discussed in this video and below. Once again, nothing included in the video or in this video description should be construed as legal or other professional advice.
1. You must have applied for the EIDL before 12/27/20 and either (a) received a partial EIDL grant (based on number of owners/employees) or (b) were denied the EIDL grant because funding for it had run out. If you did not apply before 12/27/20 or you did apply but were denied the EIDL grant for some other reason, you unfortunately would not be eligible.
2. If you fall into one of the two categories above, you have to wait for the SBA to send you an invitation to apply for the Targeted EIDL Advance. There is no other way to apply for it. If you do not get the e-mail, you will not be able to apply.
3. Once you receive the e-mail, you may be eligible to receive the EIDL Advance only if have fewer than 300 employees, you suffered a 30% or more drop in your gross revenue in a consecutive 8-week period after March 1, 2020 and if your property is located in a low income community.
In order to have a chance at the Targeted EIDL Advance money, you would need to amend the principal business address you previously provided to the SBA (assuming that you did not originally use the property address as your previous address). Please note that there is no guarantee that the SBA will accept this amendment. You may be required to prove that you own the property and prove how long you have owned it. This may be helpful, however, for those landlords who put their home addresses as their primary business addresses on the original application. You should make sure that all of the information you include on an SBA application is truthful and accurate.
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