SBA Disaster Loans for Ag Businesses
Economic Injury Disaster Loans are now Available to Agricultural Businesses Impacted by the COVID-19 Pandemic
Updated: Monday, May 4, 2020
The Small Business Administration is now accepting applications from agricultural businesses for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. Funding was authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (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 through the portal linked above on a limited basis only, to provide relief to agricultural businesses. 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. Also reported is that 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. All EIDL loans are made directly by the SBA. Therefore, applications must be initiated by the agricultural business directly on the SBA disaster website noted above and not through Farm Credit West.