Arizona senior Senator Kyrsten Sinema cosponsored the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act—bipartisan legislation that lifts Small Business Administration caps on EIDL loans to ensure Arizona small businesses struggling to keep their doors open during the coronavirus pandemic get needed support.
“The ongoing coronavirus pandemic has left Arizona small business owners struggling to keep their doors open. Removing caps on EIDL loans ensures Arizona employers get needed support,” said Sinema.
The Sinema-backed Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act increases resources for the EIDL program and the EIDL Advance program and ensures Arizona small businesses can access the maximum loan and grant amounts.
Currently, EIDL loans have been capped at $150,000 per business, instead of the congressionally mandated maximum of $2 million. Similarly, the SBA has placed caps on EIDL Advance grants, limiting small businesses to $1,000 per-employee (up to $10,000), rather than the congressionally mandated $10,000 for every eligible small business. The Sinema-backed Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act prohibits the SBA from placing maximum caps below $2 million on EIDL loans, ensures all eligible small businesses can receive the full $10,000 EIDL Advance grants, requires quick disbursal of EIDL Loans and Advance grants, and requires the SBA to ensure current and pass recipients of EIDL receive retroactive guidance.
The Chamber of Commerce, Small Business Roundtable, National Restaurant Association, American Hotel & Lodging Association, National Federation of Independent Business, Small Business for America’s Future, and National Association of Women Business Owners all support the Sinema-backed Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act.