Farms.com Home   News

Secretary Perdue Statement on Economic Injury Disaster Loans Being Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic

U.S. Department of Agriculture Secretary Sonny Perdue today applauded the announcement that agricultural producers, for the first time, are now eligible for the Small Business Administration (SBA)’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs.

“America’s farmers, ranchers, and producers need the same help that other American businesses need during this unprecedented time,” said 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 is able to reopen the portal today, 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 Coronavirus (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.gov

Trending Video

Peers, neighbors and relatives all have a part in transition planning - Clint Fischer

Video: Peers, neighbors and relatives all have a part in transition planning - Clint Fischer

Making the transition from one generation to the next can be a touchy subject. Like anything communication goes a long way and it could have started in a mentoring relationship or other exchange of ideas. Clint Fischer started Braintrust Ag as a way to help facilitate the idea sharing and transitions in farming operations.