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Increased Disaster Loans for Small Businesses

This act raises the maximum loan amount for small businesses affected by disasters to $2 million. It also simplifies the process for businesses that have already received loans to get additional funds, without needing new paperwork. Furthermore, it increases funding for emergency advances, ensuring every business receives at least $10,000.
Key points
Maximum disaster loan amount for small businesses increased to $2 million.
Existing loan recipients can request additional funds up to $2 million without new documentation.
Any small business that received an emergency advance less than $10,000 will receive an additional payment to reach that amount.
Funding for emergency advances for small businesses increased by $15 billion.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_513
Sponsor: Sen. Rosen, Jacky [D-NV]
Process start date: 2021-03-01
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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

EIDL for Small Businesses Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_513.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-01.

What are the main provisions?

Key points include:

  • Maximum disaster loan amount for small businesses increased to $2 million.
  • Existing loan recipients can request additional funds up to $2 million without new documentation.
  • Any small business that received an emergency advance less than $10,000 will receive an additional payment to reach that amount.
  • Funding for emergency advances for small businesses increased by $15 billion.
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. Rosen, Jacky [D-NV].

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.

CATEGORIES

Economy