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Agricultural producers now eligible for SBA disaster loans

Agency was able to reopen portal Monday, in a limited capacity, as a result of funding through the Paycheck Protection Program and Healthcare Enhancement Act.

USDA Secretary Sonny Perdue applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration's Economic Injury Disaster Loan and EIDL Advance programs.

"America's farmers, ranchers and producers need the same help that other American businesses need during this unprecedented time," says Secretary Perdue. "This significant new authority signed by President Trump will make a tremendous difference for America's agricultural community."

SBA's EIDL portal has been closed since April 15. However, the agency was able to reopen the portal Monday, in a limited capacity, as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, which was signed into law by the President one week ago, provided additional critical funding for farmers and ranchers affected by the COVID-19 pandemic.

In order to help facilitate this important change to EIDL Loan and EIDL Advance assistance eligibility, SBA is re-opening the Loan and Advance application portal to agricultural enterprises only. For agricultural producers 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 prior to April 15 will be processed on a first-in, first-out basis.

Source: USDA, which is solely responsible for the information provided, and wholly owns the information. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
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