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 purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Paycheck Protection 

5 Program Transparency Act of 2020’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) ADMINISTRATION; ADMINISTRATOR.—The 

9 terms ‘‘Administration’’ and ‘‘Administrator’’ mean 


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1 the Small Business Administration and the Adminis2 trator thereof, respectively. 

3 (2) BORROWER.—The term ‘‘borrower’’ in4 cludes, whether for profit or nonprofit— 

5 (A) a corporation; 

6 (B) an association; 

7 (C) a partnership; 

8 (D) a limited liability company; 

9 (E) a limited liability partnership; 

10 (F) a sole proprietorship; 

11 (G) any other legal business entity; or 

12 (H) any State or locality. 

13 (3) LENDER.—The term ‘‘lender’’ means any 

14 lender or intermediary, as defined in section 7(m) of 

15 the Small Business Act (15 U.S.C. 636(m)), that 

16 disbursed a Paycheck Protection Program Loan. 

17 (4) PAYCHECK PROTECTION PROGRAM LOAN.— 

18 The term ‘‘Paycheck Protection Program Loan’’ 

19 means a covered loan under section 7(a)(36) of the 

20 Small Business Act (15 U.S.C. 636(a)(36)). 

21 (5) SECRETARY.—The term ‘‘Secretary’’ means 

22 the Secretary of the Treasury. 


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1 SEC. 3. FULL DISCLOSURE OF ENTITIES RECEIVING PAY2 CHECK PROTECTION PROGRAM LOANS. 

3 (a) BORROWERS.—Not later than 30 calendar days 

4 after the date of enactment of this Act, the Administration 

5 shall establish a single searchable website that— 

6 (1) shall be updated every 7 calendar days 

7 thereafter; 

8 (2) is accessible by the public at no cost in a 

9 downloadable in a structured data format; and 

10 (3) includes, with respect to each Paycheck 

11 Protection Program Loan borrower— 

12 (A) the name of the borrower; 

13 (B) the amount received by the borrower 

14 under a Paycheck Protection Program Loan, 

15 and the date of such receipt; 

16 (C) the location of the borrower, including 

17 the city, State, congressional district, and 5- 

18 digit ZIP Code; 

19 (D) the number of employees of the bor20 rower as of the date described in subparagraph 

21 (B); 

22 (E) whether the borrower is— 

23 (i) a small business concern owned 

24 and controlled by socially and economically 

25 disadvantaged individuals, as defined in 


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1 section 8(d)(3)(C) of the Small Business 

2 Act (15 U.S.C. 637(d)(3)(C)); 

3 (ii) a small business concern owned 

4 and controlled by women, as defined in 

5 section 3 of such Act (15 U.S.C. 632); or 

6 (iii) a small business concern owned 

7 and controlled by veterans, as defined in 

8 section 3 of such Act (15 U.S.C. 632); 

9 (F) the North American Industry Classi10 fication System code for the industry in which 

11 the borrower operates; 

12 (G) the tax status of the borrower; and 

13 (H) the amount of a Paycheck Protection 

14 Program Loan returned, if applicable. 

15 (b) LENDERS.—Not later than 30 days after the date 

16 of enactment of this Act, the Administration shall estab17 lish a single searchable website that— 

18 (1) shall be updated every 7 calendar days 

19 thereafter; 

20 (2) is accessible by the public at no cost in a 

21 downloadable in a structured data format; 

22 (3) includes, with respect to each lender of a 

23 Paycheck Protection Program Loan— 

24 (A) the name of the lender; 


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1 (B) the physical location of the lender, in2 cluding the city, State, congressional district, 

3 and 5-digit ZIP Code; 

4 (C) the number of Paycheck Protection 

5 Program Loans disbursed by the lender; 

6 (D) the aggregate value of Paycheck Pro7 tection Program Loans disbursed by the lender; 

8 (E) the average value of Paycheck Protec9 tion Program Loans disbursed by the lender; 

10 and 

11 (F) the total fees collected by the lender 

12 with respect to Paycheck Protection Program 

13 Loans; and 

14 (4) includes— 

15 (A) the number of lenders that are commu16 nity development financial institutions, as de17 fined in section 103 of the Riegle Community 

18 Development and Regulatory Improvement Act 

19 of 1994 (12 U.S.C. 4702)); and 

20 (B) the number of lenders that are minor21 ity depository institutions, as defined in section 

22 308 of the Financial Institutions Reform, Re23 covery, and Enforcement Act of 1989 (12 

24 U.S.C. 1463 note). 


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1 (c) CONSULTATION.—In establishing the websites re2 quired under this section, the Administration shall consult 

3 with service delivery units in the Federal Government, in4 cluding those units in the General Services Administra5 tion. 

6 SEC. 4. REPORT. 

7 Not later than 30 calendar days after the date of en8 actment of this Act, the Inspector General of the Adminis9 tration shall submit to the Committee on Banking, Hous10 ing, and Urban Affairs and the Committee on Small Busi11 ness and Entrepreneurship of the Senate, the Committee 

12 on Financial Services and the Committee on Small Busi13 ness of the House of Representatives, the Congressional 

14 Oversight Commission established under section 4020 of 

15 the CARES Act (Public Law 116–136), and the Pandemic 

16 Response Accountability Committee established under sec17 tion 15010 of the CARES Act (Public Law 116–136) a 

18 report, which shall— 

19 (1) be posted on each website established under 

20 section 3; and 

21 (2) include— 

22 (A) information on the status of Paycheck 

23 Protection Program Loans, including when the 

24 loans are closed; 


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1 (B) information on Paycheck Protection 

2 Program Loans that were made and those that 

3 were returned; 

4 (C) information on the Paycheck Protec5 tion Program Loans that were forgiven, which 

6 shall include data disaggregated by the proceeds 

7 of the loan that were used for each of the costs 

8 and payments described in section 1106(b) of 

9 the CARES Act (Public Law 116–136); 

10 (D) data on any borrowers of Paycheck 

11 Protection Program Loans that have connec12 tions to Federal Government officials; 

13 (E) data on minority access to Paycheck 

14 Protection Program Loans, including informa15 tion on— 

16 (i) minority borrowers, disaggregated 

17 by race; 

18 (ii) the percentage of borrowers that 

19 are women, veterans, or minorities; and 

20 (iii) the number of denials and accept21 ances for minority borrowers; and 

22 (F) a plan for the regular collection of the 

23 data described in subparagraph (E). 


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1 SEC. 5. PROHIBITION ON USE OF FUNDS FOR CERTAIN SAL2 ARIES. 

3 None of the funds authorized to be appropriated 

4 under the CARES Act (Public Law 116–136) or otherwise 

5 made available for fiscal year 2020 for the Department 

6 of the Treasury or the Administration may be obligated 

7 or expended to pay the salary of the Secretary, the Admin8 istrator, or any political appointee of the Department of 

9 the Treasury or the Administration unless the Pandemic 

10 Response Accountability Committee established under sec11 tion 15010 of the CARES Act (Public Law 116–136) cer12 tifies in writing to the Committee on Banking, Housing, 

13 and Urban Affairs of the Senate and the Committee on 

14 Financial Services of the House of Representatives that 

15 the Administrator has established each website required 

16 under section 3. 

17 SEC. 6. IMPLEMENTATION OF EQUAL CREDIT OPPOR18 TUNITY ACT. 

19 The Bureau of Consumer Financial Protection shall 

20 implement the requirements under section 704B to the 

21 Equal Credit Opportunity Act (15 U.S.C. 1691c–2) with 

22 respect to data provided under this Act related to Pay23 check Protection Program Loans. 


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1 SEC. 7. AMENDMENT TO PANDEMIC RESPONSE ACCOUNT2 ABILITY COMMITTEE. 

3 Section 15010(a)(6)(A) of the CARES Act (Public 

4 Law 116–136) is amended by inserting ‘‘, without regard 

5 to the division of the Act under which the funds were made 

6 available’’ after ‘‘this Act’’. 

Æ 


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