Hyde-Smith: Miss. agribusinesses harmed by COVID-19 can apply for SBA assistance

Statement

U.S. Senator Cindy Hyde-Smith (R-Miss.), today encouraged eligible Mississippi agriculture producers and agribusinesses suffering losses associated with the COVID-19 pandemic to consider applying for assistance through the Small Business Administration (SBA).

The SBA on Monday announced that agricultural businesses are now eligible to apply for Economic Injury Disaster Loan (EIDL) program assistance. The Paycheck Protection Program and Health Care Enhancement Act appropriated new funding for EIDL and directed the SBA to extend eligibility to farmers, ranchers, aquaculture, and other agricultural businesses.

"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.

"This is a whole new avenue for our producers to access the capital they need to remain operational, to keep workers on the job, and to produce the food we all depend on," she said.

SBA, previously prohibited from offering help to agricultural businesses, can now issue grants of up to $10,000 under the EIDL Advance program and loans up to $2 million under the EIDL program to eligible agricultural businesses with 500 or fewer employees.

The agency indicated it would begin processing applications previously submitted prior to the legislative change making these businesses eligible for EIDL.

Source