Targeted EIDL Grant Reconsideration Gives Small Business Owners A Second Chance At Free Money
Some people say, if at first you don’t succeed, try, try again. Others say that insanity is doing the same thing twice and expecting different results. In small business, you have to do both. If your small business is still going now, a year and a half after the first patients in the United States received a diagnosis of COVID-19, then you have lasted this long by opting for a variety of strategies and implementing each one multiple times. Perhaps you applied for an Economic Injury Disaster Loan (EIDL) and a Targeted EIDL Advance Grant in conjunction with it, and perhaps the Small Business Administration (SBA) said no. The Small Business Administration (SBA), the entity responsible for approving EIDL applications, has announced that applicants whose Targeted EIDL Grant applications were rejected can apply for reconsideration. For help making the pursuit of Targeted EIDL Grant funds, as well as other business endeavors, go better the second time around, contact a small business lawyer.
Why Didn’t Your Targeted EIDL Advance Grant Application Get Accepted the First Time?
According to the Skip blog, these are some common reasons that the SBA has rejected applications for Targeted EIDL Advance Grants:
- The business was not eligible for an EIDL loan because its location did not meet the definition of a low-income area
- The business did not experience a revenue loss of 30 percent or more during an 8-week period
- The business had not begun its operations by February 2020
- Even if the business was in operation by February 2020, the SBA could not confirm this, because the IRS had not processed the company’s 2019 tax returns by the time the SBA reviewed the company’s EIDL application
- The SBA was unable to verify the identity information or bank information that the applicant submitted
- The applicant was listed on a “do not pay” list, making them ineligible to receive grants or loans from any government entity
If you are on a do not pay list, the first step to getting your company’s name removed from the list is to contact a small business lawyer.
Applying for Targeted EIDL Advance Grant Reconsideration
As of July 2021, 40 percent of the decisions that the SBA has issued regarding Targeted EIDL Advance Grants have been rejections. The SBA has begun accepting requests for reconsideration of denied applications for Targeted EIDL Advance Grants by email. There are boilerplate email text templates on the Internet that you can use, but for the best chances of having your grant application reconsidered, it is best to work with a lawyer. Your lawyer can also help you identify other sources of grant funding to help your small business enter the post-pandemic economy in a strong position.
Let Us Help You Today
A Washington DC business law attorney can help you seek a variety of types of funding for your small business, including public or private sector grants, business loans, or contributions from investors. Contact Tobin, O’Connor & Ewing for help today.