On May 4, 2020, the Small Business Administration (SBA) resumed accepting Economic Injury Disaster Loan (EIDL) applications from eligible “agricultural enterprises” with 500 or fewer employees on a limited basis in order to provide relief to U.S. agricultural businesses. Eligible business are those that fall within the definition of “Agricultural Enterprises” as provided in the Small Business Act (15 U.S.C. § 18(b)), which includes businesses “engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.” This updates our prior Alert.
For agricultural businesses that previously submitted an EIDL application, there is no need to resubmit the application.
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Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
For More Information
If you have any questions about this Alert, please contact Nanette C. Heide, Sandra G. Stoneman, Stephen Morrissey, Mark Zhuang, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.