Ensuring Increased Disaster Loans for Small Businesses Act
Bill: S.513 | Sponsor: Sen. Rosen, Jacky (D-NV)
Policy area: Commerce

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 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.

To improve access to economic injury disaster loans and emergency 
         advances under the CARES Act, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ensuring Increased Disaster Loans 
for Small Businesses Act'' or the ``EIDL for Small Businesses Act''.

SEC. 2. DEFINITIONS.

    In this Act, the terms ``Administration'' and ``Administrator'' 
mean the Small Business Administration and the Administrator thereof, 
respectively.

SEC. 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)) during the period beginning on the date of enactment 
of this Act and ending on December 31, 2021, the Administrator shall 
not impose a maximum loan amount limit that is lower than $2,000,000.
    (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)) during the period beginning on January 31, 
        2020, and ending on December 31, 2021, may submit to the 
        Administration a request for an additional amount to increase 
        in the amount of that loan in an amount requested by the 
        applicant, provided that the aggregate amount received under 
        such section by the recipient during that period shall be not 
        more than $2,000,000.
            (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)); and
                    (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)) is amended by adding at the end the following:
                    ``(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 of less than 
                $10,000, the Administrator shall, not later than 15 
                days after the date of enactment of that Act, provide 
                to the recipient an additional advance such that the 
                total amount received by the recipient is $10,000.''.
    (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'', including all obligations, allocations, and amounts 
        undistributed or unallocated;
            (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)); and
            (3) an estimate of when available appropriations in that 
        account will be exhausted.
    (e) Appropriations for EIDL Advances.--
            (1) Authorization of appropriations.--Section 1110(e)(7) of 
        the CARES Act (15 U.S.C. 9009(e)(7)) is amended by striking 
        ``$20,000,000,000'' and inserting ``$35,000,000,000''.
            (2) 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'' for the cost of 
        emergency economic injury disaster loan grants authorized by 
        section 1110(e) of the CARES Act (15 U.S.C. 9009(e)), 
        $15,000,000,000, to remain available until expended, to 
        prevent, prepare for, and respond to coronavirus, domestically 
        or internationally.
            (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.
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