Agricultural businesses are now eligible to receive Economic Injury Disaster Loans (EIDL). This marks the first time agricultural producers have been eligible for the Small Business Administration’s (SBA) program.
“America’s farmers, ranchers, and producers need the same help that other American businesses need during this unprecedented time,” said USDA Secretary of Agriculture Sonny Perdue. The portal for EIDL has been closed since April 15, but was reopened on May 4 in limited capacity as a result of additional funding granted through the Paycheck Protection Program and Healthcare Enhancement Act.
The legislation was signed into law the last week of April and provided additional funding for farmers and ranchers affected by the coronavirus pandemic.
SBA reopened the EIDL and Advance EIDL application to agricultural businesses only. For producers who already applied prior to the legislative change, SBA will process the application without need for reapplying. All other EIDL applications submitted prior to April 15 will be processed on a first-in, first-out basis.
Eligible applicants will be able to apply for loans up to $10,000 as long as they have under 500 employees. Those interested in applying should prepare their business financial information as soon as possible. — Anna Miller, WLJ editor
