Agriculture Producers Eligible for Economic Injury Disaster Loans
Agriculture producers across Wyoming are now eligible to apply for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs through the United States Small Business Administration (SBA).
“For the first time, agriculture producers are eligible for the EIDL programs through the Small Business Administration,” said Doug Miyamoto, Director of the Wyoming Department of Agriculture. “We are happy these programs are now available to our producers because they can provide some much needed relief to the losses they are facing in this unprecedented time.”
In response to the COVID-19 pandemic, small business owners in the United States were able to apply for an EIDL advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue and the loan advance will not have to be repaid.
The SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing these applications on a first-come, first-served basis. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
- Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
- SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
To apply for the EIDL and EIDL Advance through the Small Business Administration, visit https://www.sba.gov/page/disaster-loan-applications
