Amendment makes economic injury disaster loans available to agriculture
April 24, 2020
BISMARCK – Congress has passed an amendment to the Coronavirus Aid, Relief, and Economic Security (CARES) Act that enables agricultural businesses with 500 or fewer employees to participate in the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. The bill includes an additional $60 billion for the EIDL program.
“Despite economic setbacks, our farmers and ranchers are continuing to produce food and feed during this health crisis,” Agriculture Commissioner Doug Goehring said. “Allowing small agricultural businesses to access EIDL grants and loans is one way to help support them and sustain their businesses.”
The EIDL program will provide low-interest loans and $10,000 emergency grants administered by SBA. Ag businesses will need to show they have been affected by the economic downturn caused by COVID-19. Agriculture businesses should go to the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance to find out how to apply.