If you own a Lakewood based business and your income went down 30% or more at any 8 week period during the last 21 months, you could receive a large tax free check, with no strings attached, LNN has learned.
The SBA (Small Business Association) is currently offering two grants that are expiring December 31, 2021. The first grant named Targeted EIDL Advance offers $10,000 free money for eligible businesses that their income has decreased 30% in any 8 week period since March 2020. The second grant named Supplemental Targeted Advance offers an additional $5,000 for eligible businesses that their income has decreased 50% in any 8 week period since March 2020.
Unlike loans, the grants don’t have to be paid back. Also, this program is not just available for corporations or LLCs but also self proprietors who babysit, bake, coach, tutor, write, design, etc as long as you filed a schedule C on your tax returns.
In order for a business to be eligible for this program they have to be a pre-covid operating business based out of a low income area. The SBA searchable map for eligible locations, includes all of Lakewood and parts of Jackson, Brick, and Howell.
LNN notes, that many Lakewood applicants of this program have previously been declined due to an error in the SBA system that has detected Lakewood not to be a low income area when in fact it does come up as so on their website.
A local Askan has been in touch with Congressman Chris Smith’s office to fix the error and they have successfully done so.
If you have been previously declined for this grant you can ask for a reevaluation by emailing: [email protected]
When being declined, the SBA does not provide a reason, but you can call the SBA and ask them for the reason. If the reason was that Lakewood is not a low-income area you can ask for a reevaluation and then you should then be approved. If you run into any further issues you can contact Congressman Chris Smith’s office for help.
To read a clear and detailed breakdown of this program and it’s qualifications click here.
Or visit the SBA website here.