15 USC 9009b - Targeted EIDL advance for small business continuity, adaptation, and resiliency

U.S Code last checked for updates: Nov 22, 2024

§ 9009b.

Targeted EIDL advance for small business continuity, adaptation, and resiliency

(a)

Definitions

In this section:

(1)

Agricultural enterprise

(2)

Covered entity

The term “covered entity”—

(A)

means an eligible entity that—

(i)

applies for a loan under section 636(b)(2) of this title during the covered period, including before December 27, 2020;

(ii)

is located in a low-income community;

(iii)

has suffered an economic loss of greater than 30 percent; and

(iv)

employs not more than 300 employees; and

(B)

except with respect to an entity included under section 123.300(c) of title 13, Code of Federal Regulations, or any successor regulation, does not include an agricultural enterprise.

(3)

Covered period

(4)

Economic loss

The term “economic loss” means, with respect to a covered entity—

(A)

the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020, and December 31, 2021, relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019; or

(B)

if the covered entity is a seasonal business concern, such other amount determined appropriate by the Administrator.

(5)

Eligible entity

(6)

Low-income community

(b)

Entitlement to full amount

(1)

In general

Subject to paragraph (2), a covered entity, after submitting a request to the Administrator that the Administrator verifies under subsection (c), shall receive a total of $10,000 under section 9009(e) of this title, without regard to whether—

(A)

the applicable loan for which the covered entity applies or applied under section 636(b)(2) of this title is or was approved;

(B)

the covered entity accepts or accepted the offer of the Administrator with respect to an approved loan described in subparagraph (A); or

(C)

the covered entity has previously received a loan under section 636(a)(36) of this title.

(2)

Effect of previously received amounts

(A)

In general

(B)

Procedures

If the Administrator receives a request under paragraph (1) from a covered entity described in subparagraph (A) of this paragraph, the Administrator shall, not later than 21 days after the date on which the Administrator receives the request—

(i)

perform the verification required under subsection (c);

(ii)

if the Administrator, under subsection (c), verifies that the entity is a covered entity, provide to the covered entity a payment in the amount described in subparagraph (A); and

(iii)

with respect to a covered entity that the Administrator determines is not entitled to a payment under this section, provide the covered entity with a notification explaining why the Administrator reached that determination.

(C)

Rule of construction

(c)

Verification

(d)

Order of processing

The Administrator shall process and approve requests for payments under subsection (b) in the order that the Administrator receives the requests, except that the Administrator shall give—

(1)

first priority to covered entities described in subsection (b)(2)(A); and

(2)

second priority to covered entities that have not received emergency grants under section 9009(e) of this title, as of the date on which the Administrator receives such a request, because of the unavailability of funding to carry out such section 9009(e).

(e)

Applicability

(f)

Notification required

The Administrator shall provide notice to each of the following entities stating that the entity may be eligible for a payment under this section if the entity satisfies the requirements under clauses (ii), (iii), and (iv) of subsection (a)(2)(A):

(1)

Each entity that received an emergency grant under section 9009(e) of this title before December 27, 2020.

(2)

Each entity that, before December 27, 2020—

(A)

applied for a loan under section 636(b)(2) of this title; and

(B)

did not receive an emergency grant under section 9009(e) of this title because of the unavailability of funding to carry out such section 9009(e).

(g)

Administration

(h)

Authorization of appropriations

There are authorized to be appropriated to the Administrator $20,000,000,000 to carry out this section—

(1)

which shall remain available through December 31, 2021; and

(2)

of which $20,000,000 is authorized to be appropriated to the Inspector General of the Administration to prevent waste, fraud, and abuse with respect to funding provided under this section.

(i)

Statute of limitations

(Pub. L. 116–260, div. N, title III, § 331, Dec. 27, 2020, 134 Stat. 2043; Pub. L. 117–165, § 2(c), Aug. 5, 2022, 136 Stat. 1363.)

cite as: 15 USC 9009b