EIDL Relief Act

Hozzl · 2023-12-15T15:57:12Z

Explore the details of House Bill 2727 EIDL Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

12/15/2023, 3:57 PM

Summary of Bill HR 2727

Bill 118 hr 2727, also known as the EIDL Relief Act, is a piece of legislation introduced in the US Congress aimed at providing relief to small businesses impacted by the COVID-19 pandemic. The bill seeks to expand the Economic Injury Disaster Loan (EIDL) program by increasing the maximum loan amount available to small businesses from $150,000 to $2 million.

Additionally, the EIDL Relief Act proposes to streamline the application process for small businesses seeking assistance through the EIDL program. This includes simplifying the documentation requirements and expediting the approval process to ensure that businesses receive the financial support they need in a timely manner.

Furthermore, the bill includes provisions to extend the repayment period for EIDL loans, allowing small businesses more time to repay the funds borrowed. This is intended to alleviate the financial burden on businesses struggling to recover from the economic impact of the pandemic. Overall, the EIDL Relief Act aims to provide much-needed support to small businesses across the country as they navigate the challenges brought on by the COVID-19 pandemic. By expanding the EIDL program and making it more accessible to businesses in need, this legislation seeks to help stimulate economic recovery and ensure the long-term viability of small businesses in the United States.

Congressional Summary of HR 2727

EIDL Relief Act

This bill provides temporary relief for certain borrowers of Economic Injury Disaster Loans (EIDL) that were made in response to the COVID-19 emergency. Specifically, for one year, the Small Business Administration must reduce the interest rate and limit the monthly payment due for borrowers of these loans experiencing short-term financial challenges.

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Current Status of Bill HR 2727

Bill HR 2727 is currently in the status of Bill Introduced since April 19, 2023. Bill HR 2727 was introduced during Congress 118 and was introduced to the House on April 19, 2023. Bill HR 2727's most recent activity was Referred to the House Committee on Small Business. as of April 19, 2023

Bipartisan Support of Bill HR 2727

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 2727

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 2727

EIDL Relief Act

To require the Administrator of the Small Business Administration to modify the interest rate for eligible loans made to borrowers experiencing short-term financial challenges, and for other purposes.