Farmers now eligible for EIDL loans and grants

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program is now accepting applications from farms and other agricultural businesses.

The SBA says, for a limited time, it will be taking applications exclusively from farms and ag businesses, which were deemed to be ineligible for the first round of funding for the EIDL program.  Language making ag businesses eligible was included in the latest package of funding provided by Congress.

For ag producers who submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA says it will move forward and process these applications without the need for re-applying. All other EIDL loan applications that were submitted prior to April 15th will be processed on a first-in, first-out basis.

The EIDL program provides low-interest, long-term loans and ten-thousand dollars emergency grants. Eligible ag businesses must have 500 or fewer employees.

Link to SBA news release

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