The SBA announced this afternoon that agriculture enterprises with 500 or fewer employees can begin applying for Economic Injury Disaster Loan (EIDL) loans and EIDL loan advance. The application is available at https://www.sba.gov/page/disaster-loan-applications.
Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
For agricultural businesses (small cooperatives, aquaculture enterprises and nurseries) that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Farm Bureau helped secure this funding in the Paycheck Protection Program and Healthcare Enhancement Act that was signed into law a little more than a week ago. EIDL offers up to $10,000 emergency grants and low-interest loans up to $2 million to cover operating expenses during the COVID-19 crisis.
Farmers and ranchers should continue consulting with their accountant, tax preparer and/or financial advisor about the PPP and EIDL application for their particular situation because this additional funding will be available on a first-come-first serve basis and will go quickly.