When we talked about the EIDL program being closed at Wednesday’s meeting, we want to share a new development that might help a Berkshire agricultural business – As of today, eligible agricultural businesses may apply for the Loan Advance here. According to the SBA website, they have resumed processing general EIDL business applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing new agricultural applications on a first-come, first-served basis. 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. INFORMATIONAL ONLY – SUBJECT TO CHANGE AT ANY TIME