(NAFB) — Lawmakers reached an agreement Tuesday to allow agriculture to participate in the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. The agreement is part of a larger deal, a $484 billion coronavirus package to extend the Paycheck Protection Program. The agreement also includes funds for small lenders and community banks, funds for national coronavirus testing and funding for hospitals. The bill includes an additional $60 billion for the Economic Injury Disaster Loan program.
Senator John Hoeven, a Republican from North Dakota, told the Hagstrom Report, “farmers and ranchers are working hard to continue providing our nation with food, fuel and fiber, and this is one way we can help support them during this pandemic.”
The provision means ag businesses can now apply for low-interest loans through the program and may also qualify for the $10,000 emergency grants. To be eligible, ag businesses will have to show that they have been hurt by the economic downturn caused by coronavirus.
Source: National Association of Farm Broadcasters