Exception to Rule Added for Economic Injury Disaster Loan

https://content.govdelivery.com/accounts/USSBA/bulletins/28a9295

District Office representing Central South Texas

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Economic Injury Disaster Loan

SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.

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.

  • 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 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 through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.

***There is one exception to the rule limiting new applications to agricultural businesses. ***

Any business that applied in the early rounds of EIDL applications and received an application # starting with “2” (i.e., prior to 3/30 when the EIDL application platform was unstable), you should re-apply now to have your previously submitted application recognized and processed in the order submitted.

AG Businesses, Apply for EIDL Now!

Economic Injury Disaster Loan Report

EIDL National Summary

Loans Approved

Total Dollars

38,984

$7,967,174,888

 

EIDL Texas Summary

Approved Loans

Approved Dollars

2,073

$ 457,972,100

 

See Full Report

Economic Injury Disaster Loan Advance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. 

EIDL Loan Advance National Summary

Advances Processed

Total Dollars

1,192,519

$4,805,897,000

 

EIDL Loan Advance Texas Summary

Advances Processed

Total Dollars

98,257

$412,051,000

 

See Full Report

Figures as of April 24, 2020

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

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