Farmers, ranchers & other ag businesses can now apply for the SBA Economic Injury Disaster Loan & Advance

Sprayer
05 May 2020

Application is made directly on the SBA website at https://covid19relief.sba.gov/

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an EIDL Loan and/or an EIDL Advance of $1,000/employee up to $10,000 maximum. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.  If you received a PPP loan, you may not be eligible for an EIDL advance, however, you are still eligible for an EIDL loan.  

SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.

  • Agricultural businesses includes those businesses engaged in the 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)).
  • SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.  We do not know the interest rate and terms of the EIDL loan. Those will be provided to you during the application process.

The loan advance and the loan use the same application and process.  It’s our understanding from meetings and calls with SBA, that as an applicant, you complete the application for the advance and when that is processed, you will receive additional information about loan eligibility, amount and terms.  You will then decide if you want to proceed with the loan.  Eligible agricultural businesses may apply for the Loan Advance and Loan here.

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