The Small Business Administration (SBA) began accepting applications for the Economic Injury Disaster Loan (EIDL) exclusively for agricultural businesses on Monday.
The latest round of coronavirus aid approved by Congress clarified that agricultural businesses are eligible for the loan program. SBA has opened the ag-exclusive application window to ensure ag businesses get access to the limited funding.
EIDL is available to agricultural businesses with fewer than 500 employees that have experienced an economic loss due to coronavirus. An advance on the loan, up to $10,000, is available. That advance does not have to be repaid.
For more information or to apply, visit this link.
Resources on EIDL are available from the National Milk Producers Federation at www.nmpf.org/coronavirus.