SBA Makes Economic Injury Disaster Loans Available to Agricultural Businesses
WASHINGTON, D.C. — U.S. Small Business Administration Administrator Jovita Carranza announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.
SBA’s EIDL portal has reopened as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by President Trump a week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the COVID-19 pandemic.
Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries. Eligible agricultural businesses must have 500 or fewer employees.
The SBA will begin accepting new EIDL applications on a limited basis only. 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.
For more information, visit www.sba.gov/disaster.