PPP Accountability Act

I 116TH CONGRESS 2D SESSION H. R. 7093 To require the Administrator of the Small Business Administration to report on covered loans made under the paycheck protection program, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 4, 2020 Ms. DAVIDS of Kansas (for herself and Mr. KIM) introduced 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 report on covered loans made under the pay- check protection 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 ‘‘PPP Accountability 4 Act’’. 5 SEC. 2. REPORTS ON THE PAYCHECK PROTECTION PRO- 6 GRAM. 7 (a) DISCLOSURE OF TRANSACTIONS.—Not later than 8 7 days from the date of enactment of this Act, and not 9 VerDate Sep 11 2014 04:11 Jun 24, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7093.IH H7093 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 7093 IH later than 72 hours after any guarantee for a covered loan 1 (as defined under section 7(a)(36) of the Small Business 2 Act) is made by the Administrator of the Small Business 3 Administration subsequent to the enactment of this Act, 4 the Administrator shall publish on a website of the Small 5 Business Administration information on such covered 6 loans. The information shall include— 7 (1) the identity of the recipient of the covered 8 loan, including the name of the recipient, location, 9 and industry sector in which the recipient operates; 10 and 11 (2) the amount of the covered loan, the date of 12 the covered loan approval, and identity of the lender. 13 (b) DISCLOSURE OF FORGIVENESS.—Not later than 14 72 hours after the Administrator remits the appropriate 15 forgiveness amount to the lender under 1106(c)(3) of the 16 CARES Act (Public Law 116–136), the Administrator 17 shall publish on a website of the Small Business Adminis- 18 tration, along with the disclosure required under sub- 19 section (a)— 20 (1) the amount of such forgiveness and the date 21 of approval of such forgiveness; and 22 (2) the number of employees who received pay- 23 ments of any compensation described in section 24 7(a)(36)(A)(viii)(I) of the Small Business Act from 25 VerDate Sep 11 2014 04:11 Jun 24, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7093.IH H7093 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 7093 IH proceeds of such covered loan, and the duration for 1 which each such employee received any such pay- 2 ment. 3 (c) EXEMPTION FROM DISCLOSURE.—Subsections 4 (a) and (b) shall not apply to a covered loan in an amount 5 less than $1,000,000. 6 (d) REPORT TO CONGRESS.— 7 (1) IN GENERAL.—Not later than 1 week after 8 the date of enactment of this Act, and every week 9 thereafter until the last day of the covered period 10 (as defined in section 7(a)(36)(A) of the Small Busi- 11 ness Act), the Administrator shall submit to the 12 Committees on Banking, Housing, and Urban Af- 13 fairs and Small Business and Entrepreneurship of 14 the Senate and the Committees on Financial Serv- 15 ices and Small Business of the House of Representa- 16 tives a report on covered loans made under section 17 that includes— 18 (A) an overview of such actions taken by 19 the Administrator during the period covered by 20 the report; and 21 (B) a detailed financial statement with re- 22 spect to covered loans made under section 23 7(a)(36) of the Small Business Act, including 24 the number, amount, and balances of all cov- 25 VerDate Sep 11 2014 04:11 Jun 24, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7093.IH H7093 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 7093 IH ered loans, covered loan payments, and status 1 of forgiveness of each covered loan; and any 2 sale of a covered loan on the secondary market. 3 (2) PUBLICATION.—Not later than 7 days after 4 the date on which the Administrator submits a re- 5 port required under paragraph (1), the Adminis- 6 trator shall publish such report on a website of the 7 Small Business Administration. 8 Æ VerDate Sep 11 2014 04:11 Jun 24, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H7093.IH H7093 pbinns on DSKJLVW7X2PROD with BILLS