The U.S. Small Business Administration (SBA) reopened its Economic Injury Disaster Loan (EIDL) portal Monday, May 4, exclusively for agricultural businesses.
The EIDL portal reopened as a result of funding authorized by the Paycheck Protection Program and Health Care Enhancement Act, which provides additional funding for farmers, ranchers and certain other agricultural businesses affected by the coronavirus pandemic.
EIDL loans can help pay for fixed debts, payroll, accounts payable and other bills that are unpaid because of the disaster's impact. The interest rate is 3.75% for small businesses and 2.75% for not-for-profits. Loans are available with long-term repayments to keep payments affordable, up to a maximum of 30 years, and terms are set on a case-by-case basis.