US SB513 | 2021-2022 | 117th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on March 1 2021 - 25% progression
Action: 2021-03-01 - Read twice and referred to the Committee on Small Business and Entrepreneurship.
Pending: Senate Small Business And Entrepreneurship Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

EIDL for Small Businesses Act Ensuring Increased Disaster Loans for Small Businesses Act

Sponsors


History

DateChamberAction
2021-03-01SenateRead twice and referred to the Committee on Small Business and Entrepreneurship.

Subjects


US Congress State Sources


Bill Comments

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