The SBA has already issued over $1.4 billion in EIDL funds in the state of California alone. The Economic Injury Disaster Loan is a small loan, up to $10,000, to small agricultural business owners who are currently affected by economic conditions due to the coronavirus. If your business has seen a drop in sales or revenue, you may be eligible.
EIDL and Eligibility (Agricultural Businesses Only for Now)
The SBA’s EIDL:
“In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.”
Note that until Congress provides additional funds, this is only available to agricultural businesses. The SBA has been overwhelmed by applications.
Stay Updated with ASCEND
As Congress continues to pass new legislation, we’ll keep an eye on funding opportunities for small businesses through programs like this one. Once it opens up to all small businesses, we’ll post updates here and in our newsletter (sign up for that here).
ASCEND is here for you. Don’t wait until it’s too late to get help with your business. Together, we’ll make it through this crisis. Call us today at 888-297-3321.
Check out our COVID-19 Relief Series for more information.