Farmers and other agricultural-related industries have not been able to apply for Economic Injury Disaster Loans (EIDL) offered through the U.S Small Business Administration under the recent CARES Act COVID-19 stimulus package. However, Congress is expected to pass an amendment to the CARES Act this week that replenishes the funds available for both the EIDL Program and the Paycheck Protection Program. As it stands, the amendment specifically directs SBA to allow farming and agricultural-related businesses with fewer than 500 employees to participate in the EIDL program.
Applications for the EIDL program are administered by the SBA through their website located at www.sba.gov. To be eligible for the low-interest EIDL loans, agricultural businesses may be required to show that they have been injured by the economic downturn caused by COVID-19. An emergency grant of no more than $10,000 may be available as part of your EIDL application, and SBA has been limiting these grants to $1,000.00 per employee of the injured business.
We at the Green Light Law Group stand ready to assist you with any questions or concerns you have with both the PPP and the EIDL programs. We have been canvassing lenders who are willing to work with hemp farmers and other hemp-related businesses, and we can assist you with finding a financial institution who can process your PPP application. We urge you to submit your applications as quickly as possible, and stand ready to assist you in any way we can.