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SBA's EIDL opened for ag businesses
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