Expediting the EIDL Program Act of 2020
Latest action · Mar 23, 2020 Referred to the House Committee on Small Business.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 23, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Expediting the EIDL Program Act of 2020
This bill modifies the disbursement of economic injury disaster loans by the Small Business Administration (SBA) with respect to such loans made in response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill authorizes the SBA to increase the amount of a disaster loan to a small business by 20% to cover costs related to continuity of operations and risk mitigation improvements. The bill also authorizes the SBA to make such loans to startups and to waive rules related to affiliation, and it requires the SBA to waive the personal guarantee requirement on such loans made to cooperatives.
In addition, an applicant for a disaster loan may request an advance on such loan up to a specified amount, and they shall not be required to repay any amount of an advance if they are subsequently denied a disaster loan. The bill also authorizes the SBA to approve an applicant for a disaster loan that is below a certain amount based solely on the applicant's credit score and to use alternative methods to determine such applicant's ability to repay.
Further, the bill establishes a maximum interest rate on a disaster loan based on an applicant's ability to obtain credit elsewhere, and it expands the qualifying events for which a disaster loan may be awarded to include emergencies involving federal primary responsibility.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Mar 23, 2020Introduced in House
- Mar 23, 2020Referred to the House Committee on Small Business.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6312 | COVID–19 Relief for Small Businesses Act of 2020 | Related bill | Mar 19, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Business records
- Cardiovascular and respiratory health
- Commerce
- Commuting
- Computers and information technology
- Disaster relief and insurance
- Emergency medical services and trauma care
- Employee benefits and pensions
- Employee leave
- Government lending and loan guarantees
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Small business
Text 1
Each version as it was printed, newest first.
- Mar 23, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.