S. 513, EIDL for Small Businesses Act
Summary
Senate bill S. 513 of the 117th Congress, 1st Session, was introduced March 1, 2021, to improve access to economic injury disaster loans and emergency advances under the CARES Act. Rosen introduced it with Cornyn, and it was referred to the Committee on Small Business and Entrepreneurship. The short titles are the Ensuring Increased Disaster Loans for Small Businesses Act and the EIDL for Small Businesses Act. For an economic injury disaster loan made from enactment through December 31, 2021, the Administrator may not impose a maximum loan amount limit lower than $2,000,000. A recipient of such a loan made from January 31, 2020 through December 31, 2021 may request an additional amount, with the aggregate received during that period not more than $2,000,000.
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Cite this document
“S. 513, EIDL for Small Businesses Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117s513is-bills-117s513is/
, SHA-256 b98d02120ea0cac746a87823bb07942f1a92d2797535892e8f9a267221e5fb09.Full text
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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Ensuring Increased
5 Disaster Loans for Small Businesses Act’’ or the ‘‘EIDL
6 for Small Businesses Act’’.
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1 SEC. 2. DEFINITIONS.
2 In this Act, the terms ‘‘Administration’’ and ‘‘Admin-
3 istrator’’ mean the Small Business Administration and the
4 Administrator thereof, respectively.
5 SEC. 3. ECONOMIC INJURY DISASTER LOANS.
6 (a) LOANS FOR NEW BORROWERS.—With respect to
7 an economic injury disaster loan made under section
8 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2))
9 during the period beginning on the date of enactment of
10 this Act and ending on December 31, 2021, the Adminis-
11 trator shall not impose a maximum loan amount limit that
12 is lower than $2,000,000.
13 (b) ADDITIONAL LOAN FOR EXISTING BOR-
14 ROWERS.—
15 (1) IN GENERAL.—A recipient of an economic
16 disaster injury loan made under section 7(b)(2) of
17 the Small Business Act (15 U.S.C. 636(b)(2)) dur-
18 ing the period beginning on January 31, 2020, and
19 ending on December 31, 2021, may submit to the
20 Administration a request for an additional amount
21 to increase in the amount of that loan in an amount
22 requested by the applicant, provided that the aggre-
23 gate amount received under such section by the re-
24 cipient during that period shall be not more than
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25 $2,000,000.
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1 (2) CONSIDERATION.—In considering a request
2 submitted under paragraph (1), the Administrator—
3 (A) shall issue a determination based on
4 the documentation submitted by the applicant
5 for the initial loan under section 7(b)(2) of the
6 Small Business Act (15 U.S.C. 636(b)(2)); and
7 (B) shall not require the applicant to sub-
8 mit additional documentation.
9 (c) EIDL ADVANCES.—Section 1110(e)(3) of the
10 CARES Act (15 U.S.C. 9009(e)(3)) is amended by adding
11 at the end the following:
12 ‘‘(C) ADDITIONAL AMOUNT.—With respect
13 to any recipient of an advance under this sub-
14 section before the date of enactment of the En-
15 suring Increased Disaster Loans for Small
16 Businesses Act of less than $10,000, the Ad-
17 ministrator shall, not later than 15 days after
18 the date of enactment of that Act, provide to
19 the recipient an additional advance such that
20 the total amount received by the recipient is
21 $10,000.’’.
22 (d) MONTHLY REPORT.—Not later than 1 month
23 after the date of enactment of this Act, and every month
24 thereafter, the Administrator shall submit to the Com-
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25 mittee on Small Business and Entrepreneurship and the
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1 Committee on Appropriations of the Senate and the Com-
2 mittee on Small Business and the Committee on Appro-
3 priations of the House of Representatives a report on, for
4 the month covered by the report—
5 (1) the status of the appropriations account
6 under the heading ‘‘Small Business Administra-
7 tion—Disaster Loans Program Account’’, including
8 all obligations, allocations, and amounts undistrib-
9 uted or unallocated;
10 (2) the allocations, obligations, and expendi-
11 tures from that account for all declared disasters
12 under section 7(b) of the Small Business Act (15
13 U.S.C. 636(b)); and
14 (3) an estimate of when available appropria-
15 tions in that account will be exhausted.
16 (e) APPROPRIATIONS FOR EIDL ADVANCES.—
17 (1) AUTHORIZATION OF APPROPRIATIONS.—
18 Section 1110(e)(7) of the CARES Act (15 U.S.C.
19 9009(e)(7)) is amended by striking
20 ‘‘$20,000,000,000’’ and inserting
21 ‘‘$35,000,000,000’’.
22 (2) DIRECT APPROPRIATIONS.—There is appro-
23 priated, out of amounts in the Treasury not other-
24 wise appropriated, for an additional amount under
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25 the heading ‘‘Small Business Administration—
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1 Emergency EIDL Grants’’ for the cost of emergency
2 economic injury disaster loan grants authorized by
3 section 1110(e) of the CARES Act (15 U.S.C.
4 9009(e)), $15,000,000,000, to remain available until
5 expended, to prevent, prepare for, and respond to
6 coronavirus, domestically or internationally.
7 (3) EMERGENCY DESIGNATION.—
8 (A) IN GENERAL.—The amounts provided
9 under this subsection are designated as an
10 emergency requirement pursuant to section 4(g)
11 of the Statutory Pay-As-You-Go Act of 2010 (2
12 U.S.C. 933(g)).
13 (B) DESIGNATION IN SENATE.—In the
14 Senate, this subsection is designated as an
15 emergency requirement pursuant to section
16 4112(a) of H. Con. Res. 71 (115th Congress),
17 the concurrent resolution on the budget for fis-
18 cal year 2018.
Æ
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