FARFA and many small farm organizations have been urging Congress to remove the SBA’s block on farmers and agricultural businesses qualifying for emergency loans and grants. And Congress listened!
Thanks to the stimulus bill passed last Friday, farmers are now eligible for SBA’s Economic Injury Disaster Loans (EIDL). Although labeled a loan program, the EIDL is providing grants of up to $10,000 that do not need to be repaid.
Congress also added more funds for both the EIDL and the Paycheck Protection Program (PPP). But they are expected to run out fast again! So, act quickly to apply if you need help through either program.
Economic Injury Disaster Loan (EIDL)
EIDLs can cover a broad range of business-related expenses. An EIDL loan and emergency grant can be used to pay fixed debts, payroll, accounts payable and other bills that a business cannot pay because of the ongoing COVID-19 crisis.…