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Legislative News and Views - Rep. Dale Lueck (R)

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Rep. Lueck: SBA disaster loans now available for ag. businesses

Monday, May 04, 2020

 

AITKIN – State Rep. Dale Lueck, R-Aitkin, urges agricultural workers to consider expanded U.S. Small Business Administration Economic Injury Disaster Loans that are now available to help them mitigate damages resulting from the COVID-19 pandemic. 

“Historically, agriculture businesses have not been eligible to participate in SBA programs,” Lueck said. “Because of the unprecedented situation we are in today, that has changed. Traditional U.S. Department of Agriculture market-related crop insurance programs simply do not effectively address the severe issues our farmers and ranchers are facing today, so this is an excellent step forward.”  

The SBA announced Monday that agricultural businesses are now eligible for SBA’s EIDL and EIDL Advance programs. The SBA’s EIDL portal is open as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation provided additional funding for farmers and ranchers and certain other agricultural businesses affected by COVID-19.

The SBA indicates it will begin accepting new EIDL applications on a limited basis only, in order to provide unprecedented relief to U.S. agricultural businesses. For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, 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 will be processed on a first-in, first-out basis.

More information is available at www.sba.gov/Disaster.

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