05.04.20

Hoeven: SBA Accepting Economic Injury Disaster Loan Applications

Senator Secured Eligibility for Farmers, Ranchers & Agribusinesses to Apply for EIDL & Emergency EIDL Grants

WASHINGTON – Senator John Hoeven today issued the following statement after the Small Business Administration (SBA) announced that it has re-opened the online application portal for Economic Injury Disaster Loans (EIDL) and Emergency EIDL Grants. This comes as a result of the additional $60 billion that Congress provided for the assistance programs. Further, due to a provision that Hoeven secured as chairman of the Senate Agriculture Appropriations Committee, farmers, ranchers and other agriculture enterprises with less than 500 employees are now eligible for EIDL and Emergency EIDL Grants.

“Access to these loans and the emergency loan advance is another important support for our farmers and ranchers, who continue to provide us with the food we need as we combat this pandemic,” said Hoeven. “That’s why we worked to secure additional funding as well as eligibility for agriculture businesses. We appreciate the SBA for working with us to implement our legislation in a timely way and for prioritizing support for producers.”

EIDL provides small businesses with loans of up to $2 million to help cover their expenses, as well as a $10,000 emergency loan advance. The loan advance does not have to be repaid. SBA is accepting new applications on a limited basis to ensure support for agriculture producers, and the agency will begin processing applications that were submitted prior to Hoeven’s legislative change and the additional funding’s approval. Additional information and access to the online portal may be found on the SBA’s website, here.

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