SBA launches supplemental relief for small businesses affected by pandemic



Guam's small businesses with 10 employees or less will get another opportunity to receive recovery assistance under the U.S. Small Business Administration's new round of Economic Injury Disaster Loan (EIDL) assistance.


Called Supplemental Targeted Advances, the new federal program launched on April 22 will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations across the United States that have been most severely affected by the economic effects of the Covid-19 pandemic.


The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11.


“Many of our nation’s small businesses are still struggling to recover from the economic impact of the Covid-19 pandemic, and we’ve found that the smallest businesses -- the majority of which are minority-owned -- are hurting the most," said SBA Administrator Isabella Casillas Guzman.


Guzman said the latest program aims to reach those businesses with 10 employees or less who need SBA's help to ensure that no small business falls through the cracks or gets left behind.


"This program is a crucial part of our efforts to bring businesses back, create jobs and build an equitable economy for everyone," Guzman said.