Title: EIDL for Small Businesses Act
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 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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4227 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4227

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 20, 2020

 Ms. Rosen (for herself and Mr. Cornyn) introduced the following bill; 
 which was read twice and referred to the Committee on Small Business 
                          and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
   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, 2020 or such later date as the 
Administrator may determine, 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, 2020 or such later date as the 
        Administrator may determine 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--
            (1) by striking ``The'' and inserting the following:
                    ``(A) In general.--The'';
            (2) in subparagraph (A), as so designated, by striking 
        ``not more than''; and
            (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)) has been approved by that date.
                    ``(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.--
            (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'' for the cost of direct loans authorized 
        by section 7(b) of the Small Business Act (15 U.S.C. 636(b)), 
        $100,000,000,000, to remain available until expended, to 
        prevent, prepare for, and respond to coronavirus, domestically 
        or internationally.
            (2) EIDL advances.--
                    (A) 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 
                ``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'' 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)), $80,000,000,000, 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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