The Small Business Administration (SBA) announced this week they have begun accepting applications for the Economic Injury Disaster Loan (EIDL) program for US agricultural businesses only.
The Paycheck Protection Program and Health Care Enhancement Act signed on April 24th, provided additional EIDL funds for agricultural businesses affected by COVID. These include businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture and all other farming and agriculture related industries.
The loans can be used to pay debts, payroll, accounts payable and other bills that can’t be paid due to the pandemic. The interest rate is 3.75% with long term repayment options up to 30 years.
Applications can be submitted on the SBA website at https://www.sba.gov/funding-programs/disaster-assistance. Please reach out to us if you have any questions.