Loans, grants become available for ag producers, agribusinessesBy BRYAN DAVIS PUBLISHER,
Ag producers and agribusinesses that are suffering due to the novel coronavirus pandemic are now eligible for loans through the Small Business Administration.
U.S. Sen. Cindy Hyde Smith said Tuesday that previously non-eligible ag businesses now qualify for up to $10,000 grants and up to $2 million loans under the Economic Injury Disaster Loan program assistance.
“We made it a point to make low-interest, long-term SBA loans available to agricultural producers, whose ability to survive the pandemic is critical,” said Hyde-Smith, who serves on the Senate Agriculture Appropriations Subcommittee and Senate Agriculture Committee.
The new funding appropriated through the Paycheck Protection Program & Health Care Enhancement Act is available to farmers, ranchers, aquaculture and other agricultural businesses with 500 or fewer employees.
Applications submitted prior to the legislative change that makes these businesses now eligible will begin to be processed.