- The proposed language under Division A— Small Business Programs, Section 101: Amendments to the Paycheck Protection Program, Economic Injury Disaster Loans, and Emergency Grants Allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
- Economic Injury Disaster Loans under the CARES Act are intended to help stabilize businesses during these difficult economic times. In addition to the inclusion of Ag businesses, Congress has also authorized the EIDL Grants from $10 billion to $20 billion.
EIDL Relief Coming for Agriculture
Reading Time: 2 minutesUpdate May 4, 2020: SBA is now accepting COVID-19 Economic Injury Disaster Loan and Advance applications for agricultural small businesses on a limited basis. Click here to visit the application on the SBA website. Loveland, CO – April 21, 2020 – Following weeks of lobbying the Small Business Administration (SBA) to consider the approval of Ag businesses to qualify for eligibility for Emergency Economic Injury Disaster Loans (EIDL), K·Coe Isom’s Government and Federal Affairs team announced today that the effort has paid off. Congress officially added language to the Senate bill directing the SBA to allow agricultural businesses to apply for EIDL:
For loan program or applicability questions, contact a K·Coe advisor.