SBA to Make Economic Injury Disaster Loans Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic
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NEW: SBA is now accepting COVID-19 Economic Injury Disaster Loan and Advance applications for agricultural small businesses on a limited basis. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act.
For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and 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.
The goal of The Red Backpack Fund is to provide the opportunity for women-owned small businesses and nonprofits to continue to operate and thrive. The Fund seeks to elevate women in this time of need. As Sara Blakely, of the The Spanx by Sara Blakely Foundation, has often said, “When you help a woman fulfill her potential, magic happens.”Your business or nonprofit is eligible to apply if all of the following are true:
- You are at least 51% majority-women owned
- You have withheld payroll taxes for at least one employee in addition to yourself (unfortunately, we are unable to accept applications from sole proprietors or individuals who exclusively employ contractors at this time)
- You are registered in the U.S. and its territories as a legal entity and have a valid EIN number
- You have fewer than 50 employees
- Your annual revenues did not exceed $5M in any of the past three years
- You are 18 years or older