It is uplifting to hear positive news in the midst of these concerning times. Two months after the SBA stopped accepting EIDL applications, they have opened them to the public once more. As of June 15, 2020 the SBA began accepting new EIDL applications which now include agriculture businesses. Agriculture businesses are referred to as businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.
You can access the application and specific information here.
If you are not familiar with the Economic Injury Disaster Loan, it is an existing program administered through the U.S. Small Business Administration (SBA) offering emergency relief to businesses. Due to the impact of the COVID-19 pandemic, the program has expanded. Previously, only small businesses in presidentially-declared disaster locations were eligible to apply for the loan. However, as of March 13, 2020 these locations have expanded to include the entire United States, its territories, and Washington D.C..
The SBA allows qualified small business owners and agricultural businesses to apply for the Economic Injury Disaster Loan (EIDL). COVID-19 related loans may include an up-to $10,000 forgivable advance. The maximum amount given is $2 million.
Once you receive a loan, whether an EIDL or PPP, please let us know how we can help account for it. Remember, proper accounting is a critical aspect of loan forgiveness.