EIDL for Small Businesses Act
- Last Action
- 3/1/2021
Actions
- 2021-03-01Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2021-03-01Introduced in Senate
CRS Summary
As of 2021-03-01 (00)
Ensuring Increased Disaster Loans for Small Businesses Act or the EIDL for Small Businesses Act
This bill authorizes and provides funding for additional Small Business Administration (SBA) disaster loans and advances on such loans, and it modifies the requirements for providing these advances.
Specifically, the bill authorizes an additional disaster loan to a prior recipient that received such a loan during the period between January 31, 2020, and December 31, 2021, up to an aggregate amount of $2 million. Further, the bill prohibits the SBA from imposing a maximum loan amount limit that is lower than $2 million for an initial disaster loan.
The bill also requires the SBA to provide a recipient of an additional disaster loan an additional advance such that the total advance amount received by the applicant is $10,000.
The SBA must submit a monthly report on the status of appropriations for disaster loans.
Cosponsors (1)
- John Cornyn (R-TX)
Subjects
- Appropriations
- Cardiovascular and respiratory health
- Congressional oversight
- Disaster relief and insurance
- Economic performance and conditions
- Emergency medical services and trauma care
- Executive agency funding and structure
- Government lending and loan guarantees
- Health programs administration and funding
- Health promotion and preventive care
- Infectious and parasitic diseases
- Small Business Administration
- Small business
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.