SBA Announces New Economic Injury Disaster Loans for US Agricultural Businesses; Jovita Carranza Quoted

Jovita Carranza
Jovita Carranza

Jovita Carranza, administrator for the Small Business Administration, said on Tuesday that agricultural businesses are now eligible for SBA's Economic Injury Disaster Loan and EIDL Advance programs.

"For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital," said Carranza.

SBA's EIDL portal will reopen on May 5, 2020 as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The new law has provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the COVID-19 pandemic.

Of the businesses eligible under the new legislation, agricultural businesses, including businesses engaged in the legal production of food and fiber, ranching and raising of livestock, aquaculture and all other farming and agricultural related industries, will receive support if the organizations have 500 or fewer employees.

The SBA will accept EIDL applications on a limited basi to ensure relief to U.S. agricultural businesses. For these businesses that submitted an EIDL loan application, the SBA will move forward and process these applications without the need for re-applying. 

All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15, 2020 will be processed on a first-in, first-out basis. "These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation's vitally important food supply chains," added Carranza.

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.

You may also be interested in...

Carahsoft

Carahsoft Adds ClearInfo Digitization Products to NASA SEWP V Contract

Carahsoft Technology has agreed to market end-to-end digitization tools developed by ClearInfo to federal government clients through the Reston, Virginia-based company's reseller partners and NASA Solutions for Enterprise-Wide Procurement V contract.

GA-ASI MQ-9 with ASW Pod

General Atomics Demos Anti-Submarine Sonobuoy Tech for Navy’s MQ-9 UAS

A General Atomics affiliate has demonstrated the use of A-size sonobuoys to remotely process acoustic and bathythermal data when deployed from an unmanned aircraft system to support U.S. Navy's anti-submarine warfare operations.

Corner Alliance

Corner Alliance to Develop Emergency Guidance Tool for DHS

The Department of Homeland Security's Science and Technology Directorate awarded over $1.5M to Corner Alliance for the development of a new emergency guidance planning app. The Federal Emergency Management Agency's website would feature the Alerts, Warnings and Notifications guidance tool that would offer best practices, customized resources and templates for emergency planning and readiness efforts, DHS said Tuesday.