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Van Bruggen & Vande Vegte, P.C.

Founded by Arthur Van Bruggen in 1977 as the first CPA firm serving Northwest Iowa, our commitment was, and still is, to serve the best interests of each and every one of our clients. Please take a few moments, acquaint yourself with our firm and contact us for more information about our accounting or financial services.

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Orange City Office
113 3rd St NE
Orange City, IA 51041
Phone: 712-737-2030
Fax: 712-737-2075
Rock Valley Office
P.O. Box 40
1313 Golf Course Road
Rock Valley, IA 51247
Phone: 712-476-2725
Fax: 712-476-2726

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SBA's EIDL opened for ag businesses

general
Posted by Admin Posted on May 06 2020

Dear business clients,

The application process for the SBA’s Economic Injury Disaster Loan (EIDL) is now open on a limited basis for agricultural businesses. The online-only application is available at www.sba.gov/disaster.

Applications were previously only accepted from non-ag businesses and was closed on April 15. The SBA has resumed processing applications from non-ag businesses that were submitted prior to April 15, but will not be accepting new non-ag business applications at this time.

EIDL loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can't be paid because of the COVID-19 pandemic's impact (as long as the expenses are not also covered under a Paycheck Protection Program loan). The interest rate is 3.75% and loans are offered with long-term repayments to keep payments affordable, up to a maximum of 30 years, and terms are determined on a case-by-case basis.

Limited guidance is available on how to complete the EIDL application and/or the process of securing a loan beyond the application process. However, we are willing to assist you in any way we can. Please contact us if you have questions.

Van Bruggen & Vande Vegte, PC