1. Short title This Act may be cited as the COVID–19 Recovery Grants for Small Businesses Act . 2. Definitions In this Act— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof; (2) the term eligible small business concern means a small business concern that— (A) meets the applicable size standard established under section 3 of the Small Business Act ( 15 U.S.C. 632 ); (B) has not less than 2 employees and not more than 50 employees; (C) due to the effects of COVID–19, suffered— (i) a loss of revenue in 1 month greater than 50 percent as compared to the same month in the previous year; or (ii) in the case of a business concern that has been in operation for not less than 4 months, a loss of revenue in 1 month greater than 50 percent as compared to the average of the 3 previous months; (D) can demonstrate an inability to pay obligations or stay up-to-date on accounts or payroll; and (E) submitted an application for a loan under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) and was denied assistance under such section because the small business concern is unable to repay the loan; and (3) the term small business concern has the meaning given the term in section 3 of the Small Business Act ( 15 U.S.C. 632 ). 3. Economic injury grants (a) Grants The Administration shall provide assistance to eligible small business concerns, private nonprofit organizations, and small agricultural cooperatives that have suffered a substantial economic injury, directly or indirectly, as a result of COVID–19. (b) Awarding of grants and updates The Administration shall— (1) award grants under this section as expeditiously as possible