Expediting the EIDL Program Act of 2020

Hozzl · 2022-02-08T23:14:38Z

Explore the details of House Bill 6344 Expediting the EIDL Program Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

2/8/2022, 11:14 PM

Congressional Summary of HR 6344

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.

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Current Status of Bill HR 6344

Bill HR 6344 is currently in the status of Bill Introduced since March 23, 2020. Bill HR 6344 was introduced during Congress 116 and was introduced to the House on March 23, 2020. Bill HR 6344's most recent activity was Referred to the House Committee on Small Business. as of March 23, 2020

Bipartisan Support of Bill HR 6344

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6344

Primary Policy Focus

Commerce

Potential Impact Areas

Business recordsCardiovascular and respiratory healthCommutingComputers and information technologyDisaster relief and insuranceEmergency medical services and trauma careEmployee benefits and pensionsEmployee leaveGovernment lending and loan guaranteesInfectious and parasitic diseasesInterest, dividends, interest ratesSmall business

Alternate Title(s) of Bill HR 6344

Expediting the EIDL Program Act of 2020To modify the economic injury disaster loan of the Small Business Administration in response to COVID-19, and for other purposes.Expediting the EIDL Program Act of 2020

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