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Streamlining Business Loan Applications and Combating Fraud

This act aims to streamline the application process for loans and grants for small businesses, especially those related to COVID-19. It sets specific deadlines for providing application status updates and for processing applications, and also mandates combating fraud and identity theft in assistance programs.
Key points
Timely Application Updates: Applicants will receive confirmation of receipt within 7 days and a detailed status report within 21 days.
Prompt Application Processing: The agency has 45 days to review a complete application and decide on approval or disapproval.
Identity Theft Protection: The act requires the agency to develop a system for tracking identity theft complaints and removing fraudulent loans from financial records.
Improved Applicant Experience: The agency must ensure applicants are not asked for the same documents multiple times and receive timely responses.
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Additional Information
Print number: 117_S_3349
Sponsor: Sen. Risch, James E. [R-ID]
Process start date: 2021-12-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Streamlining EIDL Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3349.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-12-09.

What are the main provisions?

Key points include:

  • Timely Application Updates: Applicants will receive confirmation of receipt within 7 days and a detailed status report within 21 days.
  • Prompt Application Processing: The agency has 45 days to review a complete application and decide on approval or disapproval.
  • Identity Theft Protection: The act requires the agency to develop a system for tracking identity theft complaints and removing fraudulent loans from financial records.
  • Improved Applicant Experience: The agency must ensure applicants are not asked for the same documents multiple times and receive timely responses.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Risch, James E. [R-ID].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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