Cortez Masto Helps Secure Critical Revision to SBA Loan Programs for Agricultural Businesses
Las Vegas, Nev. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement highlighting important revisions she helped secure in the most recent coronavirus funding legislation that specifically ensure that small agricultural businesses qualify for the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program. Cortez Masto fought to help dairy producers, ranchers and local farmers weather the economic challenges posed by COVID-19. Senator Cortez Masto advocated for these changes in a letter last week to the SBA.
“I’ve been hearing from dairy producers, ranchers and small, family run farms across the State of Nevada about the challenges they’re facing accessing critical SBA assistance. In the most recent bill I fought to ensure that the impacts of COVID-19 aren’t driving our family farms, ranches and dairies into bankruptcy. Along with my colleagues in the federal delegation from Nevada, I’m fighting for all small businesses in the Silver State. I’m glad Congress has clarified that Nevada’s small agricultural enterprises can qualify for SBA’s relief programs, which will provide them much-needed funds to keep their doors open and continue their work to put food on the table for families in Nevada, and across America.”
Last week, Senator Cortez Masto sent a letter to Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA) urging the SBA to ensure that all small agricultural businesses – including farmers, ranchers, rural businesses, and cooperatives – are included in the implementation of the recently enacted loan programs within the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The letter specifically requested that the SBA allow for agricultural businesses and farms to seek loans and assistance under COVID-19 specifications for the Economic Injury Disaster Loans (EIDL) program.
The coronavirus funding legislation passed by the Senate on April 21st which provides additional funding for small businesses and health care providers, responds to Senator Cortez Masto’s request by specifically allowing small agricultural enterprises with fewer than 500 employees to receive Economic Injury Disaster Loans.
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