S. 4227 · 116th Congress
EIDL for Small Businesses Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
RosenSponsor8 cosponsors · 7 D, 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Ensuring Increased Disaster Loans for Small Businesses Act or the EIDL for Small Businesses Act
What it does: CRS summary · Introduced in Senate · Jul 20, 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: EIDL for Small Businesses Act
Also known as: Ensuring Increased Disaster Loans for Small Businesses Act
Latest action (Dec 10, 2020): Committee on Small Business and Entrepreneurship. Hearings held.
Policy area: Commerce · Origin: Senate · Introduced: Jul 20, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.