SBA Accepting New EIDL Loan Applications from Aquaculture Businesses
The Small Business Administrations (SBA) is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses including those engaged in aquaculture.
The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
For other businesses, SBA stopped accepting new applications on April 15.
According to SBA's website:
- Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries - as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b).
- SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
- At this time, only new agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.
- For agricultural businesses that submitted an EIDL application prior to the legislative change, SBA will process these applications without the need for re-applying.
EIDL loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses and 2.75% for not-for-profits. Loans are offered with long-term repayments to keep payments affordable, up to a maximum of 30 years, and terms are determined on a case-by-case basis.
EIDL Advance loans of up to $10,000 are designed to provide economic relief to businesses that are experiencing a temporary loss of revenue and do not have to be repaid.
If you have questions about this application or problems providing the required information, please contact SBA's Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339), DisasterCustomerService@sba.gov