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The Targeted Economic Injury Disaster Loan (EIDL) Advance is a program designed to provide financial relief to small businesses affected by the COVID-19 pandemic. It offers a one-time advance payment that does not have to be repaid, aiming to help businesses with immediate operational costs.
Small businesses, including sole proprietors and independent contractors, that have suffered economic losses due to the COVID-19 pandemic and are located in a low-income community may be required to file for the Targeted EIDL Advance.
To fill out the application for the Targeted EIDL Advance, businesses need to access the SBA's online portal, provide the necessary business information, and indicate their eligibility based on the guidelines set by the SBA.
The purpose of the Targeted EIDL Advance is to provide essential funding to small businesses affected by the pandemic to help them cover rent, payroll, and other essential expenses during an economic downturn.
Applicants must report their business details, including the business name, address, number of employees, tax information, and details of the economic loss they have experienced due to the pandemic.
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