DACF Encourages Ag Businesses to Apply for Expanded and Renewed Agricultural Funding Programs

Date: April 24, 2020

From: Nancy McBrady, Director, Bureau of Agriculture, Food and Rural Resources

To: Maine agriculture businesses

Subject: Expanded and Renewed Agricultural Funding Programs

Last night, Congress passed a new $484 billion coronavirus package that positively impacts agricultural and forestry businesses. DACF strongly encourages Maine agricultural businesses to quickly apply for these programs.

1. The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) now applies to agricultural businesses. Specifically, agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees can now apply to receive EIDL grants and loans.
   • Find application details here.
2. The Paycheck Protection Program (PPP) fund has been replenished by approximately $310 billion. 
   • You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Find lenders here. Find application details here.

Understanding loan and grant options

• Side by side comparison, EIDL & PPP (PDF)
• The Small Business Owner’s Guide to the CARES Act (PDF)
• EIDL fact sheet (PDF)

Customer service

• For assistance with your PPP application, contact your local bank or credit union representative.
• For assistance with your EIDL application, contact SBA Maine:
  • Maine District Office
  • SCORE Maine is a resource partner of the SBA and provides business mentorship to small businesses
• Find additional information on DACF’s COVID-19 website and by contacting Agricultural Resource Division staff at (207) 287-3491 for help getting pointed in the right direction.