Cornyn Introduces Bipartisan Legislation to Provide Increased EIDL Loans and EIDL Advance Grants, Assist Texas Small Businesses

Press Release

Today U.S. Senator John Cornyn (R-TX), a member of the Senate Committee on Small Business and Entrepreneurship, announced his introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227). This bipartisan legislation would assist Texas small businesses impacted by the coronavirus pandemic by providing an additional $180 billion for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. The bill would also prohibit the Small Business Administration (SBA) from arbitrarily capping EIDL loans below $2 million -- the threshold set by Congress -- and require SBA to provide $10,000 EIDL Advance grants to all eligible small businesses, regardless of size, as intended by the original CARES Act.

"As the coronavirus continues to wreak havoc on our economy, Texas' small businesses are bearing a tremendous financial burden," said Senator Cornyn. "The EIDL program has helped many businesses keep their doors open during the pandemic, and this legislation would help make sure they are able to receive the full assistance they need to stay afloat and help get our economy back on track."

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