II 

116TH CONGRESS 

2D SESSION S. 4167 

To set the interest rate applicable to certain economic injury disaster loans, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 2, 2020 

Mr. SCHATZ (for himself and Ms. CORTEZ MASTO) introduced the following 

bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 

A BILL 

To set the interest rate applicable to certain economic injury 

disaster loans, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Small Business Dis5 aster Loan Enhancement Act of 2020’’. 

6 SEC. 2. ECONOMIC INJURY DISASTER LOANS. 

7 (a) DEFINITIONS.—In this section, the terms ‘‘Ad8 ministration’’ and ‘‘Administrator’’ means the Adminis9 tration and the Administrator thereof. 


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1 (b) INTEREST RATE.—Notwithstanding any other 

2 provision of law, any economic injury disaster loan made 

3 under section 7(b)(2) of the Small Business Act (15 

4 U.S.C. 636(b)(2)) during the period beginning on Feb5 ruary 15, 2020, and ending on December 31, 2020, shall 

6 have an interest rate of not more than 1 percent. 

7 (c) ADDITIONAL LOAN FOR EXISTING BOR8 ROWERS.— 

9 (1) IN GENERAL.—A recipient of an economic 

10 disaster injury loan made under section 7(b)(2) of 

11 the Small Business Act (15 U.S.C. 636(b)(2)) dur12 ing the period beginning on February 15, 2020, and 

13 ending on December 31, 2020, may submit to the 

14 Administration an application for an additional 

15 amount to increase in the amount of that loan, pro16 vided that the aggregate amount received under such 

17 section by the recipient during that period shall be 

18 not more than $2,000,000. 

19 (2) CONSIDERATION.—In considering an appli20 cation submitted under paragraph (1), the Adminis21 trator shall only consider the financial need and abil22 ity to repay of the applicant. 

23 (d) LOANS FOR NEW BORROWERS.—With respect to 

24 an economic injury disaster loan made under section 

25 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) 


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1 during the period beginning on the date of enactment of 

2 this Act and ending on December 31, 2020— 

3 (1) the Administrator shall not impose a max4 imum loan amount limit that is lower than 

5 $2,000,000; and 

6 (2) in determining the amount of the loan, the 

7 Administrator shall only consider the financial need 

8 and ability to repay of the applicant. 

9 (e) EMERGENCY EIDL GRANTS.—Section 1110(e) of 

10 division A of the CARES Act (Public Law 116–136) is 

11 amended— 

12 (1) in paragraph (1), by inserting ‘‘full’’ before 

13 ‘‘amount’’; 

14 (2) in paragraph (3)— 

15 (A) by striking ‘‘The’’ and inserting the 

16 following: 

17 ‘‘(A) IN GENERAL.—Except as provided in 

18 this paragraph, the’’; and 

19 (B) by adding at the end the following: 

20 ‘‘(B) ADDITIONAL AMOUNT.—A recipient 

21 of an advance under this subsection of less than 

22 the full amount requested may submit to the 

23 Administrator a request for an additional 

24 amount, provided that the aggregate amount 

25 received shall be not more than $10,000 or, in 


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1 the case of an entity described in subparagraph 

2 (C), not more than $25,000. 

3 ‘‘(C) INCREASED AMOUNT FOR CERTAIN

4 APPLICANTS.— 

5 ‘‘(i) IN GENERAL.—An eligible entity 

6 described in paragraph (1) that suffered a 

7 decline in gross receipts of not less than 50 

8 percent during an 8-week period between 

9 March 2, 2020, and December 31, 2020, 

10 relative to a comparable 8-week period im11 mediately preceding March 2, 2020, or 

12 during 2019 may request an advance of 

13 not more than $25,000. 

14 ‘‘(ii) DETERMINATION OF NEED.—In 

15 determining the amount of the advance 

16 under clause (i), the Administrator shall 

17 only consider the financial need of the ap18 plicant.’’; and 

19 (3) in paragraph (7), by striking 

20 ‘‘$20,000,000,000’’ and inserting 

21 ‘‘$40,000,000,000’’. 

22 (f) APPROPRIATIONS.—Out of amounts in the Treas23 ury not otherwise appropriated, there is appropriated— 

24 (1) to the Administration $80,000,000,000 to 

25 carry out subsection (c); and 


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1 (2) for an additional amount for ‘‘Emergency 

2 EIDL Grants’’ for the cost of emergency EIDL 

3 grants authorized by section 1110 of division A of 

4 the CARES Act (Public Law 116–136), 

5 $20,000,000,000, to remain available until ex6 pended, to prevent, prepare for, and respond to 

7 coronavirus, domestically or internationally. 

8 (g) TRANSFER OF UNOBLIGATED PP AMOUNTS TO

9 EIDL ACCOUNT.—Any amounts appropriated for loans 

10 made under section 7(a)(36) of the Small Business Act 

11 (15 U.S.C. 636(a)(36)) that are unobligated as of August 

12 8, 2020 shall be transferred to the appropriations account 

13 under the heading ‘‘Small Business Administration—Dis14 aster Loans Program Account’’ and made available for the 

15 purpose of carrying out section 7(b)(2) of the Small Busi16 ness Act (15 U.S.C. 636(b)(2)). 

17 (h) EMERGENCY DESIGNATION.— 

18 (1) IN GENERAL.—The amounts provided under 

19 this section are designated as an emergency require20 ment pursuant to section 4(g) of the Statutory Pay21 As-You-Go Act of 2010 (2 U.S.C. 933(g)). 

22 (2) DESIGNATION IN SENATE.—In the Senate, 

23 this section is designated as an emergency require24 ment pursuant to section 4112(a) of H. Con. Res. 


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1 71 (115th Congress), the concurrent resolution on 

2 the budget for fiscal year 2018. 

Æ 


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