SBA Reopens Economic Injury Disaster Loan Application for Agricultural Businesses
The Southwest New York Dairy, Livestock, and Field Crops Program would like to highlight the Small Business Administration’s recent reopening of the Economic Injury Disaster Loan (EIDL) for agricultural businesses. SBA is currently accepting new applications from ag businesses that are experiencing a temporary loss or reduction in revenue. For more information, or to apply, visit http://www.sba.gov/disaster.
While the EIDL program is currently closed to other industries, the latest round of funding from Congress opened up room for new applications from agricultural businesses that “include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries”. EIDL also includes the option for an EIDL Advance – an advance of up to $10,000 that does not need to be repaid. Farms are encouraged to work with their tax preparer or financial consultant to evaluate potential tax implications, but should apply directly through the Small Business Administration’s website.
Recently, Cornell Cooperative Extension Specialists Elizabeth Higgins, Nicole Tommell, and Myron Thurston published a fact sheet outlining EIDL that is available by visiting https://bit.ly/3eW0inq. They stated that “EIDL provides businesses with low interest loans (3.75%) for working capital that are intended to help a business keep going during a period of business interruption due to a disaster”. Loan terms can be up to 30 years, and businesses can apply for up to $2 million.
Many farms in our region are currently dealing with economic hardship as a result of the COVID-19 pandemic. Shifts in product demand, processing delays, and decreasing commodity prices have significantly impacted farm profitability. For more information, contact your local Cornell Cooperative Extension or Small Business Development Center. Farms should act quickly as funding will be awarded first come, first serve. For more information about financial management and assistance for farms in the Southwest New York region, contact Katelyn Walley-Stoll, Farm Business Management Specialist, at 716-640-0522 or firstname.lastname@example.org.
Cornell Cooperative Extension’s Southwest New York Dairy, Livestock, and Field Crops Program specialists are here to help provide research-based resources and support during this challenging time. Their team of four specialists includes Katelyn Walley-Stoll, Farm Business Management (716-640-0522 or email@example.com); Joshua Putman, Field Crops (716-490-5572 or firstname.lastname@example.org); Alycia Drwencke, Dairy Management (517-416-0386 or email@example.com); and Amy Barkley, Livestock Management (716-640-0844 or firstname.lastname@example.org). While specialists are working remotely at this time, they are still offering consultations via phone, text, email, videoconferencing, and mail. They are also providing weekly updates with timely resources and connections via email and hardcopy and virtual programming. For more information, or to be added to their notification list, contact Katelyn Walley-Stoll, Team Leader, at 716-640-0522, email@example.com or visit their website swnydlfc.cornell.edu.
The Southwest New York Dairy, Livestock, and Field Crops Program is the newest Cornell Cooperative Extension regional program and covers Allegany, Cattaraugus, Chautauqua, Erie, and Steuben Counties. The Southwest New York Dairy, Livestock, and Field Crops regional specialists work with Cornell faculty and Extension educators to address the issues that influence the agricultural industry in New York by offering educational programming and research based information to agricultural producers, growers, and agribusinesses in the Southwestern New York Region. Cornell Cooperative Extension is an employer and educator recognized for valuing AA/EEO, Protected Veterans, and Individuals with Disabilities and provides equal program and employment opportunities.