The U.S. Small Business Administration (SBA) has announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal reopened last week as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act.
The legislation, signed into law by the president, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the coronavirus pandemic.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses. However, as a result of the unprecedented legislation enacted by Congress, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” said SBA Administrator Jovita Carranza. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”
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 as defined by the SBA. Eligible agricultural businesses must have 500 or fewer employees.
For more information, eligible farmers may visit www.sba.gov/Disaster.