Expanded and renewed agricultural funding programs
photo by BASFPlantScience
On April 23, 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.
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.
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.
Understanding loan and grant options:
For assistance with your PPP application, contact your local bank or credit union representative.
For assistance with your EIDL application, contact SBA Maine:
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.
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