EIDL for Small Businesses Act

To improve access to economic injury disaster loans and emergency advances under the CARES Act, and for other purposes. 1. Short title This Act may be cited as the Ensuring Increased Disaster Loans for Small Businesses Act EIDL for Small Businesses Act 2. Definitions In this Act, the terms Administration Administrator 3. Economic injury disaster loans (a) Loans for new borrowers With respect to an economic injury disaster loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) (b) Additional loan for existing borrowers (1) In general A recipient of an economic disaster injury loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) (2) Consideration In considering a request submitted under paragraph (1), the Administrator— (A) shall issue a determination based on the documentation submitted by the applicant for the initial loan under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) (B) shall not require the applicant to submit additional documentation. (c) EIDL advances Section 1110(e)(3) of the CARES Act ( 15 U.S.C. 9009(e)(3) (1) by striking The (A) In general The ; (2) in subparagraph (A), as so designated, by striking not more than (3) by adding at the end the following: (B) No approval necessary The Administrator shall provide to an applicant an advance under this subsection not later than 3 days after the applicant submits the application under paragraph (1) regardless of whether the application of the applicant for a loan under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) (C) Additional amount With respect to any recipient of an advance under this subsection before the date of enactment of the Ensuring Increased Disaster Loans for Small Businesses Act . (d) Monthly report Not later than 1 month after the date of enactment of this Act, and every month thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship and the Committee on Appropriations of the Senate and the Committee on Small Business and the Committee on Appropriations of the House of Representatives a report on, for the month covered by the report— (1) the status of the appropriations account under the heading Small Business Administration—Disaster Loans Program Account (2) the allocations, obligations, and expenditures from that account for all declared disasters under section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) (3) an estimate of when available appropriations in that account will be exhausted. (e) Appropriations (1) EIDL There is appropriated, out of amounts in the Treasury not otherwise appropriated, for an additional amount under the heading Small Business Administration—Disaster Loans Program Account 15 U.S.C. 636(b) (2) EIDL advances (A) Authorization of appropriations Section 1110(e)(7) of the CARES Act ( 15 U.S.C. 9009(e)(7) $20,000,000,000 100,000,000,000 (B) Direct appropriations There is appropriated, out of amounts in the Treasury not otherwise appropriated, for an additional amount under the heading Small Business Administration—Emergency EIDL Grants 15 U.S.C. 9009(e) (3) Emergency designation (A) In general The amounts provided under this subsection are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 ( 2 U.S.C. 933(g) (B) Designation in senate In the Senate, this subsection is designated as an emergency requirement pursuant to section 4112(a) of H. Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018.

Summary: 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.