EIDL for Small Businesses Act

II 117TH CONGRESS 1ST SESSION S. 513 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 MARCH 1, 2021 Ms. ROSEN (for herself and Mr. CORNYN) introduced the following bill; which was read twice and referred to the Committee on Small Business and En- trepreneurship 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Ensuring Increased 4 Disaster Loans for Small Businesses Act’’ or the ‘‘EIDL 5 for Small Businesses Act’’. 6 VerDate Sep 11 2014 03:28 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S513.IS S513 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 513 IS SEC. 2. DEFINITIONS. 1 In this Act, the terms ‘‘Administration’’ and ‘‘Admin- 2 istrator’’ mean the Small Business Administration and the 3 Administrator thereof, respectively. 4 SEC. 3. ECONOMIC INJURY DISASTER LOANS. 5 (a) LOANS FOR NEW BORROWERS.—With respect to 6 an economic injury disaster loan made under section 7 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) 8 during the period beginning on the date of enactment of 9 this Act and ending on December 31, 2021, the Adminis- 10 trator shall not impose a maximum loan amount limit that 11 is lower than $2,000,000. 12 (b) ADDITIONAL LOAN FOR EXISTING BOR- 13 ROWERS.— 14 (1) IN GENERAL.—A recipient of an economic 15 disaster injury loan made under section 7(b)(2) of 16 the Small Business Act (15 U.S.C. 636(b)(2)) dur- 17 ing the period beginning on January 31, 2020, and 18 ending on December 31, 2021, may submit to the 19 Administration a request for an additional amount 20 to increase in the amount of that loan in an amount 21 requested by the applicant, provided that the aggre- 22 gate amount received under such section by the re- 23 cipient during that period shall be not more than 24 $2,000,000. 25 VerDate Sep 11 2014 03:28 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S513.IS S513 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 513 IS (2) CONSIDERATION.—In considering a request 1 submitted under paragraph (1), the Administrator— 2 (A) shall issue a determination based on 3 the documentation submitted by the applicant 4 for the initial loan under section 7(b)(2) of the 5 Small Business Act (15 U.S.C. 636(b)(2)); and 6 (B) shall not require the applicant to sub- 7 mit additional documentation. 8 (c) EIDL ADVANCES.—Section 1110(e)(3) of the 9 CARES Act (15 U.S.C. 9009(e)(3)) is amended by adding 10 at the end the following: 11 ‘‘(C) ADDITIONAL AMOUNT.—With respect 12 to any recipient of an advance under this sub- 13 section before the date of enactment of the En- 14 suring Increased Disaster Loans for Small 15 Businesses Act of less than $10,000, the Ad- 16 ministrator shall, not later than 15 days after 17 the date of enactment of that Act, provide to 18 the recipient an additional advance such that 19 the total amount received by the recipient is 20 $10,000.’’. 21 (d) MONTHLY REPORT.—Not later than 1 month 22 after the date of enactment of this Act, and every month 23 thereafter, the Administrator shall submit to the Com- 24 mittee on Small Business and Entrepreneurship and the 25 VerDate Sep 11 2014 03:28 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S513.IS S513 pbinns on DSKJLVW7X2PROD with BILLS 4 •S 513 IS Committee on Appropriations of the Senate and the Com- 1 mittee on Small Business and the Committee on Appro- 2 priations of the House of Representatives a report on, for 3 the month covered by the report— 4 (1) the status of the appropriations account 5 under the heading ‘‘Small Business Administra- 6 tion—Disaster Loans Program Account’’, including 7 all obligations, allocations, and amounts undistrib- 8 uted or unallocated; 9 (2) the allocations, obligations, and expendi- 10 tures from that account for all declared disasters 11 under section 7(b) of the Small Business Act (15 12 U.S.C. 636(b)); and 13 (3) an estimate of when available appropria- 14 tions in that account will be exhausted. 15 (e) APPROPRIATIONS FOR EIDL ADVANCES.— 16 (1) AUTHORIZATION OF APPROPRIATIONS.— 17 Section 1110(e)(7) of the CARES Act (15 U.S.C. 18 9009(e)(7)) is amended by striking 19 ‘‘$20,000,000,000’’ and inserting 20 ‘‘$35,000,000,000’’. 21 (2) DIRECT APPROPRIATIONS.—There is appro- 22 priated, out of amounts in the Treasury not other- 23 wise appropriated, for an additional amount under 24 the heading ‘‘Small Business Administration— 25 VerDate Sep 11 2014 03:28 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S513.IS S513 pbinns on DSKJLVW7X2PROD with BILLS 5 •S 513 IS Emergency EIDL Grants’’ for the cost of emergency 1 economic injury disaster loan grants authorized by 2 section 1110(e) of the CARES Act (15 U.S.C. 3 9009(e)), $15,000,000,000, to remain available until 4 expended, to prevent, prepare for, and respond to 5 coronavirus, domestically or internationally. 6 (3) EMERGENCY DESIGNATION.— 7 (A) IN GENERAL.—The amounts provided 8 under this subsection are designated as an 9 emergency requirement pursuant to section 4(g) 10 of the Statutory Pay-As-You-Go Act of 2010 (2 11 U.S.C. 933(g)). 12 (B) DESIGNATION IN SENATE.—In the 13 Senate, this subsection is designated as an 14 emergency requirement pursuant to section 15 4112(a) of H. Con. Res. 71 (115th Congress), 16 the concurrent resolution on the budget for fis- 17 cal year 2018. 18 Æ VerDate Sep 11 2014 03:28 Mar 31, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S513.IS S513 pbinns on DSKJLVW7X2PROD with BILLS