It was announced today that the SBA is reopening the EIDL (Economic Injury Disaster Loan) program for Agri-businesses. While existing applications will continue to be reviewed, at this time, only agribusinesses will be able to submit new EIDL applications–this includes the up to “$10,000” forgivable grant, for $1,000 per employee.
From the Press Release:
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 section 18(b) of the Small Business Act (15 U.S.C. 647(b)). Eligible agricultural businesses must have 500 or fewer employees.
The SBA will begin accepting new EIDL applications on a limited basis only, in order to provide unprecedented relief to U.S. 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. 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.
