Economic Injury Disaster Loan for Agricultural Businesses
The U.S. Small Business Administration (SBA) announced that agricultural producers are now eligible to apply for Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.
Agricultural businesses had previously been excluded from EIDL, but are now deemed eligible for the loan program in the latest round of coronavirus relief funding. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic. Eligible agricultural businesses must have 500 or fewer employees.
Due to limitations in funding availability and the vast number of applications submitted, the SBA is re-opening the application portal ONLY to agricultural enterprises. The application process will remain closed to all other types of businesses.
For agricultural producers that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying. All other EIDL loan applications that were submitted prior to April 15 will be processed on a first-in, first-out basis.
Thank you and stay healthy,
Your CAWG Team