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  • Section: Small Business Loans
  • Last updated: May 11, 2020, 11:16 a.m.

EIDL (Economic Injury Disaster Loans)

EIDL (Economic Injury Disaster Loans)

If you are unable to receive a Paycheck Protection Program Loan, the SBA offers another option. The Economic Injury Disaster Loans (EIDL) are available for businesses impacted by a declared disaster. Therefore, the SBA is offering these loans due to the coronavirus. Currently, the EIDL loans are being offered on a limited basis 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.

SBA Economic Injury Disaster Loan Emergency

*This is not intended as legal advice; for more information, please consult with your accountant or an accounting professional"