Limited Loans for Agricultural Small Businesses
Farms and other agricultural employers can start applying for grants and low-interest, long-term loans through the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. The agency said it would begin accepting new EIDL applications “on a limited basis only, in order to provide unprecedented relief to U.S. agricultural businesses.”
SBA’s EIDL portal reopened earlier this week as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation included $50 billion for the EIDL program and $10 billion for the EIDL Advance program. Agricultural small businesses with less than 500 employees are eligible for grants of up to $10,000 under the EIDL Advance program and loans up to $2 million under the EIDL program.
For agricultural businesses that submitted an EIDL loan 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 before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.