TRUTH Act

I 116TH CONGRESS 2D SESSION H. R. 6782 To require the Administrator of the Small Business Administration to submit a report on recipients of assistance under the paycheck protection pro- gram and the economic injury disaster loan program, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 8, 2020 Mr. PHILLIPS (for himself, Mr. CORREA, Ms. SCHAKOWSKY, Ms. ROYBAL- ALLARD, Mr. MALINOWSKI, Ms. SPANBERGER, Mr. GOTTHEIMER, Mr. GARAMENDI, Mr. SABLAN, Ms. MCCOLLUM, and Ms. HAALAND) intro- duced the following bill; which was referred to the Committee on Small Business A BILL To require the Administrator of the Small Business Adminis- tration to submit a report on recipients of assistance under the paycheck protection program and the economic injury disaster loan program, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Small Business Trans- 4 parency and Reporting for the Underbanked and Tax- 5 payers at Home Act’’ or the ‘‘TRUTH Act’’. 6 VerDate Sep 11 2014 01:27 May 21, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6782.IH H6782 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6782 IH SEC. 2. FINDINGS. 1 Congress finds the following: 2 (1) The President has not nominated and the 3 Senate has yet to confirm a Special Inspector Gen- 4 eral for Pandemic Response as was required by the 5 CARES Act. 6 (2) The CARES Act and Paycheck Protection 7 Program and Health Care Enhancement Act were 8 the largest outlay of taxpayer money in the history 9 of the United States. 10 (3) The American people demand and deserve 11 responsible stewardship. 12 SEC. 3. SENSE OF CONGRESS. 13 It is the sense of Congress that the Small Business 14 Administration must provide immediate transparency over 15 all areas of its administration of the Paycheck Protection 16 Program (PPP) and Economic Injury Disaster Loan pro- 17 gram (EIDL). 18 SEC. 4. REPORT. 19 Not later than 30 days after the date of the enact- 20 ment of this Act, the Administrator of the Small Business 21 Administration shall make publicly available, in an online 22 format that is sortable and searchable for key words and 23 downloadable (to the extent technically practicable), the 24 following information with respect to the paycheck protec- 25 VerDate Sep 11 2014 01:27 May 21, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6782.IH H6782 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6782 IH tion program and the economic injury disaster loan pro- 1 gram: 2 (1) An identification of each recipient of assist- 3 ance from funds appropriated under the CARES Act 4 (Public Law 116–136) or the Paycheck Protection 5 Program and Health Care Enhancement Act (Public 6 Law 116–139). 7 (2) An explanation of the decision-making proc- 8 esses under which such funds were disbursed. 9 (3) The number of employees of each entity 10 that received such assistance. 11 (4) The date on which such assistance was dis- 12 bursed. 13 (5) An identification of each lender or inter- 14 mediary through which such assistance was dis- 15 bursed. 16 (6) The amount of assistance provided to small 17 business concerns owned and controlled by socially 18 and economically disadvantaged individuals (as de- 19 fined in section 8(d)(3)(C) of the Small Business 20 Act (15 U.S.C. 637(d)(3)(C))), small business con- 21 cern owned and controlled by women (as defined 22 under section 3(n) of such Act (15 U.S.C. 632(n))), 23 and small business concern owned and controlled by 24 VerDate Sep 11 2014 23:59 May 22, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6782.IH H6782 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6782 IH veterans (as defined in section 3(q) of such Act (15 1 U.S.C. 632(q))). 2 Æ VerDate Sep 11 2014 23:59 May 22, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H6782.IH H6782 pamtmann on DSKBC07HB2PROD with BILLS