Paycheck Protection Program Transparency Act of 2020

II 116TH CONGRESS 2D SESSION S. 4455 To require reporting on the paycheck protection program of the Small Business Administration, and for other purposes. IN THE SENATE OF THE UNITED STATES AUGUST 5, 2020 Ms. HARRIS (for herself, Mr. UDALL, Mrs. GILLIBRAND, Mrs. FEINSTEIN, Ms. KLOBUCHAR, Ms. SMITH, Mr. MERKLEY, and Mr. HEINRICH) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 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. DEFINITIONS. 6 In this Act: 7 (1) ADMINISTRATION; ADMINISTRATOR.—The 8 terms ‘‘Administration’’ and ‘‘Administrator’’ mean 9 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 2 •S 4455 IS the Small Business Administration and the Adminis- 1 trator thereof, respectively. 2 (2) BORROWER.—The term ‘‘borrower’’ in- 3 cludes, whether for profit or nonprofit— 4 (A) a corporation; 5 (B) an association; 6 (C) a partnership; 7 (D) a limited liability company; 8 (E) a limited liability partnership; 9 (F) a sole proprietorship; 10 (G) any other legal business entity; or 11 (H) any State or locality. 12 (3) LENDER.—The term ‘‘lender’’ means any 13 lender or intermediary, as defined in section 7(m) of 14 the Small Business Act (15 U.S.C. 636(m)), that 15 disbursed a Paycheck Protection Program Loan. 16 (4) PAYCHECK PROTECTION PROGRAM LOAN.— 17 The term ‘‘Paycheck Protection Program Loan’’ 18 means a covered loan under section 7(a)(36) of the 19 Small Business Act (15 U.S.C. 636(a)(36)). 20 (5) SECRETARY.—The term ‘‘Secretary’’ means 21 the Secretary of the Treasury. 22 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 3 •S 4455 IS SEC. 3. FULL DISCLOSURE OF ENTITIES RECEIVING PAY- 1 CHECK PROTECTION PROGRAM LOANS. 2 (a) BORROWERS.—Not later than 30 calendar days 3 after the date of enactment of this Act, the Administration 4 shall establish a single searchable website that— 5 (1) shall be updated every 7 calendar days 6 thereafter; 7 (2) is accessible by the public at no cost in a 8 downloadable in a structured data format; and 9 (3) includes, with respect to each Paycheck 10 Protection Program Loan borrower— 11 (A) the name of the borrower; 12 (B) the amount received by the borrower 13 under a Paycheck Protection Program Loan, 14 and the date of such receipt; 15 (C) the location of the borrower, including 16 the city, State, congressional district, and 5- 17 digit ZIP Code; 18 (D) the number of employees of the bor- 19 rower as of the date described in subparagraph 20 (B); 21 (E) whether the borrower is— 22 (i) a small business concern owned 23 and controlled by socially and economically 24 disadvantaged individuals, as defined in 25 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 4 •S 4455 IS section 8(d)(3)(C) of the Small Business 1 Act (15 U.S.C. 637(d)(3)(C)); 2 (ii) a small business concern owned 3 and controlled by women, as defined in 4 section 3 of such Act (15 U.S.C. 632); or 5 (iii) a small business concern owned 6 and controlled by veterans, as defined in 7 section 3 of such Act (15 U.S.C. 632); 8 (F) the North American Industry Classi- 9 fication System code for the industry in which 10 the borrower operates; 11 (G) the tax status of the borrower; and 12 (H) the amount of a Paycheck Protection 13 Program Loan returned, if applicable. 14 (b) LENDERS.—Not later than 30 days after the date 15 of enactment of this Act, the Administration shall estab- 16 lish a single searchable website that— 17 (1) shall be updated every 7 calendar days 18 thereafter; 19 (2) is accessible by the public at no cost in a 20 downloadable in a structured data format; 21 (3) includes, with respect to each lender of a 22 Paycheck Protection Program Loan— 23 (A) the name of the lender; 24 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 5 •S 4455 IS (B) the physical location of the lender, in- 1 cluding the city, State, congressional district, 2 and 5-digit ZIP Code; 3 (C) the number of Paycheck Protection 4 Program Loans disbursed by the lender; 5 (D) the aggregate value of Paycheck Pro- 6 tection Program Loans disbursed by the lender; 7 (E) the average value of Paycheck Protec- 8 tion Program Loans disbursed by the lender; 9 and 10 (F) the total fees collected by the lender 11 with respect to Paycheck Protection Program 12 Loans; and 13 (4) includes— 14 (A) the number of lenders that are commu- 15 nity development financial institutions, as de- 16 fined in section 103 of the Riegle Community 17 Development and Regulatory Improvement Act 18 of 1994 (12 U.S.C. 4702)); and 19 (B) the number of lenders that are minor- 20 ity depository institutions, as defined in section 21 308 of the Financial Institutions Reform, Re- 22 covery, and Enforcement Act of 1989 (12 23 U.S.C. 1463 note). 24 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 6 •S 4455 IS (c) CONSULTATION.—In establishing the websites re- 1 quired under this section, the Administration shall consult 2 with service delivery units in the Federal Government, in- 3 cluding those units in the General Services Administra- 4 tion. 5 SEC. 4. REPORT. 6 Not later than 30 calendar days after the date of en- 7 actment of this Act, the Inspector General of the Adminis- 8 tration shall submit to the Committee on Banking, Hous- 9 ing, and Urban Affairs and the Committee on Small Busi- 10 ness and Entrepreneurship of the Senate, the Committee 11 on Financial Services and the Committee on Small Busi- 12 ness of the House of Representatives, the Congressional 13 Oversight Commission established under section 4020 of 14 the CARES Act (Public Law 116–136), and the Pandemic 15 Response Accountability Committee established under sec- 16 tion 15010 of the CARES Act (Public Law 116–136) a 17 report, which shall— 18 (1) be posted on each website established under 19 section 3; and 20 (2) include— 21 (A) information on the status of Paycheck 22 Protection Program Loans, including when the 23 loans are closed; 24 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 7 •S 4455 IS (B) information on Paycheck Protection 1 Program Loans that were made and those that 2 were returned; 3 (C) information on the Paycheck Protec- 4 tion Program Loans that were forgiven, which 5 shall include data disaggregated by the proceeds 6 of the loan that were used for each of the costs 7 and payments described in section 1106(b) of 8 the CARES Act (Public Law 116–136); 9 (D) data on any borrowers of Paycheck 10 Protection Program Loans that have connec- 11 tions to Federal Government officials; 12 (E) data on minority access to Paycheck 13 Protection Program Loans, including informa- 14 tion on— 15 (i) minority borrowers, disaggregated 16 by race; 17 (ii) the percentage of borrowers that 18 are women, veterans, or minorities; and 19 (iii) the number of denials and accept- 20 ances for minority borrowers; and 21 (F) a plan for the regular collection of the 22 data described in subparagraph (E). 23 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 8 •S 4455 IS SEC. 5. PROHIBITION ON USE OF FUNDS FOR CERTAIN SAL- 1 ARIES. 2 None of the funds authorized to be appropriated 3 under the CARES Act (Public Law 116–136) or otherwise 4 made available for fiscal year 2020 for the Department 5 of the Treasury or the Administration may be obligated 6 or expended to pay the salary of the Secretary, the Admin- 7 istrator, or any political appointee of the Department of 8 the Treasury or the Administration unless the Pandemic 9 Response Accountability Committee established under sec- 10 tion 15010 of the CARES Act (Public Law 116–136) cer- 11 tifies in writing to the Committee on Banking, Housing, 12 and Urban Affairs of the Senate and the Committee on 13 Financial Services of the House of Representatives that 14 the Administrator has established each website required 15 under section 3. 16 SEC. 6. IMPLEMENTATION OF EQUAL CREDIT OPPOR- 17 TUNITY ACT. 18 The Bureau of Consumer Financial Protection shall 19 implement the requirements under section 704B to the 20 Equal Credit Opportunity Act (15 U.S.C. 1691c–2) with 21 respect to data provided under this Act related to Pay- 22 check Protection Program Loans. 23 VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS 9 •S 4455 IS SEC. 7. AMENDMENT TO PANDEMIC RESPONSE ACCOUNT- 1 ABILITY COMMITTEE. 2 Section 15010(a)(6)(A) of the CARES Act (Public 3 Law 116–136) is amended by inserting ‘‘, without regard 4 to the division of the Act under which the funds were made 5 available’’ after ‘‘this Act’’. 6 Æ VerDate Sep 11 2014 22:47 Aug 22, 2020 Jkt 099200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6301 E:\BILLS\S4455.IS S4455 kjohnson on DSK79L0C42PROD with BILLS