The Small Business Administration has imposed new limitations on its Economic Injury Disaster Loan (EIDL) program after overwhelming demand, the Washington Post reports.
New applications have been limited to U.S. agricultural businesses, including “those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries,” the SBA stated, and the maximum loan amount from the EIDL has been reduced from $2 million to $150,000.
The EIDL program received an additional $50 billion infusion in its latest relief bill. The SBA is still processing EIDL applications that have already been filed.
The Paycheck Protection Program, a separate federal loan program outlined in the U.S. CARES Act, is still available for small businesses seeking aid during the COVID-19 crisis.
Additional loan resources can be found on the SBA website.
