Farms affected by losses from COVID-19 are now eligible for the Small Business Administration’s EIDL Economic Disaster and Advance Loan programs.

According to the SBA, their

reopened on Monday, thanks to funding authorized by Congress through the Paycheck Protection Program and the Healthcare Enhancement Act.

The legislation, which Congress passed to make money available to small businesses across the United States after the rapid exhaustion of an undergraduate PPP funding round, was enacted by President Trump ago one week.

Among the things this bill has done, beyond providing more money to distribute to small businesses, additional funding has been provided to farmers, ranchers and other farm businesses affected by the pandemic.

“For more than 30 years, the law has prohibited the SBA from providing disaster assistance to agricultural businesses; However, due to unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital, ”said SBA Administrator Carranza. “These long-term, low-interest loans will help maintain the viability of farm businesses while bringing stability to the country’s vitally important food supply chains.”

Businesses eligible for assistance include “businesses engaged in the legal production of food and fiber, ranching and cattle ranching, aquaculture and all other agricultural and agriculture-related industries. (as defined by Section 18 (b) of the Small Business Act (15 USC 647 (b)). “

To receive funding, businesses must have 500 or fewer employees.

The SBA is accepting new EIDL applications on a limited basis to provide relief to US farm businesses.

For businesses that applied for an EIDL loan through the streamlined application portal prior to the legislative change benefiting agribusinesses, the SBA plans to go ahead and process them without having to reapply.

All other EIDL loan applications submitted before the portal stops accepting new applications on April 15 will be processed on a first-in-first-out basis.

For more information, you can visit the SBA website

.