Paycheck Protection Program Transparency Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 6874 To require reporting on the paycheck protection program of the Small Business Administration, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 14, 2020 Ms. PORTER introduced the following bill; which was referred to the Com- mittee on Small Business, and in addition to the Committees on Finan- cial Services, and Ways and Means, for a period to be subsequently deter- mined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require reporting on the paycheck protection program of the Small Business Administration, and for other pur- poses. 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 ‘‘Paycheck Protection 4 Program Transparency Act of 2020’’. 5 SEC. 2. FULL DISCLOSURE OF ENTITIES RECEIVING PAY- 6 CHECK PROTECTION PROGRAM LOANS. 7 (a) DEFINITIONS.—In this section: 8 VerDate Sep 11 2014 21:06 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6874.IH H6874 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6874 IH (1) RECIPIENT.—The term ‘‘recipient’’ in- 1 cludes, whether for profit or nonprofit— 2 (A) a corporation; 3 (B) an association; 4 (C) a partnership; 5 (D) a limited liability company; 6 (E) a limited liability partnership; 7 (F) a sole proprietorship; 8 (G) any other legal business entity; or 9 (H) any State or locality. 10 (2) LENDER.—The term ‘‘lender’’ means any 11 lender or intermediary (as defined under section 12 7(m) of the Small Business Act (15 U.S.C. 636(m)) 13 that disbursed a covered loan under section 7(a)(36) 14 of such Act (15 U.S.C. 636(a)(36)). 15 (3) PAYCHECK PROTECTION PROGRAM LOAN.— 16 The term ‘‘Paycheck Protection Program Loan’’ 17 means a covered loan under section 7(a)(36) of the 18 Small Business Act (15 U.S.C. 636(a)(36)). 19 (b) WEBSITE.— 20 (1) RECIPIENTS.—Not later than 30 days after 21 the date of the enactment of this Act, the Small 22 Business Administration shall establish a single 23 searchable website, accessible by the public at no 24 cost, and downloadable in a tabular format, that in- 25 VerDate Sep 11 2014 21:06 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6874.IH H6874 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6874 IH cludes for each Paycheck Protection Program Loan 1 recipient— 2 (A) the name of such recipient; 3 (B) the beneficial owner, if applicable, of 4 such recipient; 5 (C) amount received by such recipient, and 6 the date of such receipt; 7 (D) the location of the recipient including 8 the city, State, congressional district, and five- 9 digit ZIP Code; 10 (E) number of employees on the date in 11 subparagraph (C); 12 (F) whether the recipient is a small busi- 13 ness concern owned and controlled by socially 14 and economically disadvantaged individuals (as 15 defined in section 8(d)(3)(C) of the Small Busi- 16 ness Act), a small business concern owned and 17 controlled by women (as defined in section 3(n) 18 of such Act), or a small business concern owned 19 and controlled by veterans (as defined in section 20 3(q)(3) of such Act); 21 (G) the North American Industry Classi- 22 fication System code of such recipient; 23 (H) the tax status of such recipient; 24 VerDate Sep 11 2014 21:06 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6874.IH H6874 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 6874 IH (I) the 2018 net income (as defined in 1 parts 53.4965–8 of title 26, Code of Federal 2 Regulations), if applicable, of such recipient; 3 (J) the 2018 executive compensation (as 4 defined in part 229.402 of title 17, Code of 5 Federal Regulations) of such recipient; and 6 (K) amount of a Paycheck Protection Pro- 7 gram Loan returned, if applicable. 8 (2) LENDERS.—Not later than 30 days after 9 the date of enactment of this Act, the Small Busi- 10 ness Administration shall establish a single search- 11 able website, accessible by the public at no cost, and 12 downloadable in a tabular format, that includes for 13 each Paycheck Protection Program Loan lender— 14 (A) name of such lender; 15 (B) the physical location of such lender in- 16 cluding the city, State, congressional district, 17 and five-digit ZIP Code; 18 (C) number of loans disbursed by such 19 lender; and 20 (D) total fees collected by such lender. 21 SEC. 3. REPORT. 22 Section 1102 of the CARES Act (Public Law 116– 23 136) is amended by adding at the end the following: 24 VerDate Sep 11 2014 21:06 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6874.IH H6874 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 6874 IH ‘‘(f) REPORT.—Not later than 6 months after the 1 date of the enactment of this Act the Small Business Ad- 2 ministrator, in coordination with the Secretary of the 3 Treasury, shall submit to the Committees on Banking, 4 Housing, and Urban Affairs and Small Business and En- 5 trepreneurship of the Senate, the Committees on Financial 6 Services and Small Business of the House of Representa- 7 tives, and the Special Inspector General for Pandemic Re- 8 covery a report on the status of covered loans made under 9 section 7(a)(36) of the Small Business Act (15 U.S.C. 10 636(a)(36)).’’. 11 SEC. 4. PROHIBITION ON USE OF FUNDS FOR CERTAIN SAL- 12 ARIES. 13 None of the funds authorized to be appropriated 14 under the CARES Act (Public Law 116–136) or otherwise 15 made available fiscal year 2020 for the Department of the 16 Treasury or the Small Business Administration may be 17 obligated or expended to pay the salary of the Secretary 18 of the Treasury, the Administrator of the Small Business 19 Administration, or any political appointee of the Depart- 20 ment of the Treasury or the Small Business Administra- 21 tion, if the Administrator does not establish the website 22 described in section 2(b). 23 Æ VerDate Sep 11 2014 21:06 Jun 05, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H6874.IH H6874 pamtmann on DSKBC07HB2PROD with BILLS