Economic Injury Disaster Loans from the SBA for farmers

UPDATE Notice: the COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations

  • As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. 

  • As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. 

  • As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. Borrowers who need copies of their loan documents can contact us at 833-853-5638. Please allow 3-7 business days to receive your materials.

Today, the SBA re-opened the EIDL (Economic Injury Disaster Loan) Relief Program but only for farmer applicants. This relief program consists of two components: the EIDL loan and the EIDL advance. Farmers may apply for a EIDL loan that requires repayment and/or an EIDL advance that does not require repayment.
The program is intended to assist farms facing a temporary loss of revenue because of coronavirus. Both types of funds may be used to cover paid sick leave, payroll costs, material purchases and fixed expenses such as rent or other financial obligations. The funds should not be used for physical repairs, expansions, bonuses or refinancing long-term debt.
Farmers may apply for up to $10,000 for an EIDL advance that does not have to be repaid but any funds borrowed beyond $10,000 will need to be repaid.
The funds may be used to cover paid sick leave, payroll costs, material purchases and fixed expenses such as rent or other financial obligations. The funds should not be used for physical repairs, expansions, bonuses or refinancing long-term debt.

Eligible farms must have 500 or fewer employees. The loan interest rate is 3.75 % for businesses. The repayment terms are up to 30 years with the 1st year of payments deferred.
Because applications will be processed on a first come first served basis and because funds have typically been allocated quickly, interested farms should apply as soon as possible.
If you previously applied for this program and were rejected, you are still eligible for this round of funding.
Open this link to view the SBA website and to find more information on eligibility. https://www.sba.gov/page/disaster-loan-applications.
Open this link to apply.
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