Economic Injury Disaster Loans (EIDL) Available for Farmers TODAY!
This morning, we learned that SBA has finished processing old COVID-19 related EIDL applications and is accepting new applications from agriculture operations ONLY starting today (Monday, May 4, 2020) at noon! This is a great opportunity to get an EIDL loan advanced grant of up to $10,000 and a low interest loan with extended terms compared to the Paycheck Protection Program to help cover operating expenses in addition to some capital expenditures. If interested in the grant, act quickly and get your application submitted. I have heard that it takes approximately 2 hours to complete, but have not been through to application process myself. You apply directly to SBA yourself, not through a lender.
More Information from SBA: New Eligibility for Economic Injury Disaster Loan and Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing these applications on a first-come, first-served basis. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
- Agricultural businesses includes 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)).
- SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses 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.