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 such 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, 2020, 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 disaster loan applicant with an advance no later than three days after the applicant submits a loan application, regardless of whether such application has been approved by that date. Further, the SBA shall provide a recipient of an additional disaster loan an additional advance such that the total advance amount received by the applicant is $10,000.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.
Commerce
AppropriationsCardiovascular and respiratory healthCongressional oversightDisaster relief and insuranceEconomic performance and conditionsEmergency medical services and trauma careExecutive agency funding and structureGovernment lending and loan guaranteesHealth programs administration and fundingHealth promotion and preventive careInfectious and parasitic diseasesSmall businessSmall Business Administration
EIDL for Small Businesses Act
USA116th CongressS-4227| Senate
| Updated: 12/10/2020
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 such 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, 2020, 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 disaster loan applicant with an advance no later than three days after the applicant submits a loan application, regardless of whether such application has been approved by that date. Further, the SBA shall provide a recipient of an additional disaster loan an additional advance such that the total advance amount received by the applicant is $10,000.
AppropriationsCardiovascular and respiratory healthCongressional oversightDisaster relief and insuranceEconomic performance and conditionsEmergency medical services and trauma careExecutive agency funding and structureGovernment lending and loan guaranteesHealth programs administration and fundingHealth promotion and preventive careInfectious and parasitic diseasesSmall businessSmall Business Administration