More disaster loans available to farmers and agricultural businesses

Agricultural businesses that applied for an Economic Injury Disaster Loan by April 15 do not need to reapply, officials said. Credit: Newsday/John Paraskevas
The U.S. Small Business Administration has resumed taking applications for disaster loans – but only from farms and other agricultural businesses.
The agency said it will consider new applications for an Economic Injury Disaster Loan advance of up to $10,000 per applicant. To apply, go to covid19relief.sba.gov/#/.
SBA administrator Jovita Carranza, in a series of tweets on Monday, said farmers who applied for EIDL previously don’t need to reapply. The agency “will move forward and process these applications without the need for re-applying,” she said.
SBA didn’t reopen the online application portal for the disaster loans on April 27 when banks and other private lenders resumed taking applications for another coronavirus relief program: Paycheck Protection Program loans.
SBA officials at the time said that the agency had received more than five million disaster loan applications and it was unclear whether there are enough funds to make more loans.
Last month, Congress authorized an additional $60 billion for EIDL. An earlier allocation of $17 billion was exhausted on April 16.
The EIDL advance of up to $10,000 is forgivable in most instances. It’s the first part of a loan of up to $2 million per applicant with an interest rate of 3.75% and a 30-year term. Eligible businesses must have 500 or fewer employees.
Loan funds are distributed by the U.S. Treasury Department.
As of April 24, SBA reported approving $4.8 billion in disaster loan advances to 1.2 million applicants, including $324 million to 85,196 applicants in New York State. Separately, the agency said nearly $8 billion in disaster loans to 39,000 applicants have been approved in the same period, including $356 million to 1,674 applicants in New York.
Carranza said Monday that existing EIDL applications “that were submitted before SBA stopped accepting new applications on April 15 will continue to be processed on a first-in, first-out basis."
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