SBA accepting new COVID-19 emergency loan apps for farms, agribusinesses only

Farmers and agribusinesses can now apply for new coronavirus economic stimulus emergency loans and advances through the Small Business Administration, which reopened its portal with new funds Monday after being closed since April 15.

The agency said Monday that only agricultural business applications will accepted for Economic Injury Disaster Loans and forgivable EIDL loan advances of up to $10,000 because of current funding availability limitations and the unprecedented number of applications that have already been received.

Agricultural businesses like farms had previously been barred from receiving EIDL loans. But the latest round of funding appropriated by Congress to replenish economic stimulus money to help small businesses through the coronavirus pandemic included eligibility for farmers and agricultural businesses.

Farmers and agricultural businesses that submitted an EIDL application through the SBA portal before the legislative change will be processed without the need for reapplication, the SBA said.

Those eligible include businesses engaged in all farming and agriculture-related industries with 500 or fewer employees.

Non-agricultural businesses who submitted applications before April 15 will continue to be processed on a first-come, first-served basis.