Small Business Administration Funding Announced

President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act into law. The bill provides $310 billion in funding for the Paycheck Protection Program and makes agricultural enterprises eligible for the Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program.

However, we expect this funding to run out quickly, as it is first come-first served. While we have not yet seen a formal announcement, we expect these applications to open as early as beginning of next week and that the funds will be exhausted in a matter of days. Below, we have provided the links to apply to these grants and we encourage farmers and other small businesses to establish a relationship with an eligible banking or crediting institution to begin the process.

Please note that unlike PPP, applications for the EIDL program are made directly to SBA.

  • Paycheck Protection Program
  • Economic Injury Disaster Program
    • Any small business with fewer than 500 employees is eligible to apply—this program is inclusive of sole proprietorships, self-employed individuals, and private contractors.
    • The EIDL advance program will issue grants of up to $10,000 that do not need to repaid.