By: Mary Auth on May 6th, 2020
You're a Small Business Too
If you missed out on the Paycheck Protection Program (as many did), as an agricultural business, you are also eligible for the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program. $10 billion in funding was added to this program. The temporary loss of revenue grant is for $10,000 and the ability to borrow up the $2 million under the program. Details on the program and how to apply can be found here.
You can still try for PPP money, but time is ticking away, and applications submitted – but not considered during the first round – are ahead in line. Altogether, the CARES 2.0 act includes funds aimed at smaller banks and credit unions with $60 billion set aside, which are more likely to deal with farmers and ranchers, locally.