Farmers and Ranchers eligible for new loans in relief package passed by Senate

Klobuchar, Smith Announce Loan Eligibility for Farmers Included

 in Interim Coronavirus Relief Package Passed by Senate

Earlier this month, Klobuchar and Smith called on the Administration to make farmers eligible for federal small business supports, now included in most recent package passed unanimously by the Senate

WASHINGTON – U.S. Senators Amy Klobuchar and Tina Smith announced that farmers in Minnesota and across the country are now eligible for additional disaster loan relief under the most recent coronavirus relief package passed unanimously by the Senate. Under a bill passed by the Senate this week, agricultural enterprises will become eligible for the Small Business Administration’s Economic Injury Disaster Loans (EIDL) and Emergency Economic Assistance Grant (EEAG) programs. These key changes will allow farmers to be eligible low-interest loans from the federal government, as well as grants of up to $10,000 to help farmers get through the coronavirus pandemic.

This important provision for Minnesota farmers follows another key program change Klobuchar and Smith secured earlier this month. In early April, Klobuchar and Smith wrote a letter to the Small Business Administration (SBA) requesting that farmers with operations under 500 employees be eligible for the Payment Protection Program (PPP), a program to provide funding to farmers to keep their employees on payroll and off unemployment during the coronavirus pandemic. Following the senators’ letter, the SBA announced that farms and other agricultural enterprises would be made eligible for that program.

“The coronavirus pandemic has placed incredible stress on our agriculture community,” Klobuchar said. “I am glad that the package passed by the Senate will make new loans and relief available to our farmers. I will continue working to ensure that all Minnesota small businesses can access much needed relief during this economic recovery and time of uncertainty.”

“This pandemic has devastated thousands of Minnesota farmers and ranchers who have already endured years of low prices, weather disasters and trade disruptions,” said Smith. “The latest coronavirus relief package offers them much-needed access to loans and resources that can be critical to getting them through this tough time. As we move forward, I’ll continue to work to ensure our producers get the resources they need.”

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