Economic Injury Disaster Loan Funding
Last Friday, the Paycheck Protection Program and Healthcare Enhancement Act, a $484 billion COVID-19 economic stimulus package, was signed into law.
This law includes funding for hospitals, increased testing capabilities, and renewed funding for the Small Business Administration loan and grant programs - the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
This act also expanded the eligibility of the EIDL program and now allows farms and other agricultural enterprises to apply.
Eligible agricultural enterprises are now defined as: “those small business concerns [with 500 or fewer employees] engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural-related industries.”
However, the SBA announced that applications for EIDL and advances cannot be accepted at this time due to a lack of available funding.
Applications already submitted will continue to be processed on a first-come, first-served basis.
The agency advises that if you previously submitted an EIDL application, received correspondence from SBA and have a loan number that begins with 3, you are in the queue.