Paycheck Protection Program Transparency Act of 2020

To require reporting on the paycheck protection program of the Small Business Administration, and for other purposes. 1. Short title This Act may be cited as the Paycheck Protection Program Transparency Act of 2020 2. Full disclosure of entities receiving paycheck protection program loans (a) Definitions In this section: (1) Recipient The term recipient (A) a corporation; (B) an association; (C) a partnership; (D) a limited liability company; (E) a limited liability partnership; (F) a sole proprietorship; (G) any other legal business entity; or (H) any State or locality. (2) Lender The term lender 15 U.S.C. 636(m) 15 U.S.C. 636(a)(36) (3) Paycheck protection program loan The term Paycheck Protection Program Loan 15 U.S.C. 636(a)(36) (b) Website (1) Recipients Not later than 30 days after the date of the enactment of this Act, the Small Business Administration shall establish a single searchable website, accessible by the public at no cost, and downloadable in a tabular format, that includes for each Paycheck Protection Program Loan recipient— (A) the name of such recipient; (B) the beneficial owner, if applicable, of such recipient; (C) amount received by such recipient, and the date of such receipt; (D) the location of the recipient including the city, State, congressional district, and five-digit ZIP Code; (E) number of employees on the date in subparagraph (C); (F) whether the recipient is a small business concern owned and controlled by socially and economically disadvantaged individuals (as defined in section 8(d)(3)(C) of the Small Business Act), a small business concern owned and controlled by women (as defined in section 3(n) of such Act), or a small business concern owned and controlled by veterans (as defined in section 3(q)(3) of such Act); (G) the North American Industry Classification System code of such recipient; (H) the tax status of such recipient; (I) the 2018 net income (as defined in parts 53.4965–8 of title 26, Code of Federal Regulations), if applicable, of such recipient; (J) the 2018 executive compensation (as defined in part 229.402 of title 17, Code of Federal Regulations) of such recipient; and (K) amount of a Paycheck Protection Program Loan returned, if applicable. (2) Lenders Not later than 30 days after the date of enactment of this Act, the Small Business Administration shall establish a single searchable website, accessible by the public at no cost, and downloadable in a tabular format, that includes for each Paycheck Protection Program Loan lender— (A) name of such lender; (B) the physical location of such lender including the city, State, congressional district, and five-digit ZIP Code; (C) number of loans disbursed by such lender; and (D) total fees collected by such lender. 3. Report Section 1102 of the CARES Act ( Public Law 116–136 (f) Report Not later than 6 months after the date of the enactment of this Act the Small Business Administrator, in coordination with the Secretary of the Treasury, shall submit to the Committees on Banking, Housing, and Urban Affairs and Small Business and Entrepreneurship of the Senate, the Committees on Financial Services and Small Business of the House of Representatives, and the Special Inspector General for Pandemic Recovery a report on the status of covered loans made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) . 4. Prohibition on use of funds for certain salaries None of the funds authorized to be appropriated under the CARES Act ( Public Law 116–136

Summary: Paycheck Protection Program Transparency Act of 2020 This bill requires the Small Business Administration (SBA) to disclose and report certain information related to the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the SBA must establish a website that includes specified information including (1) the name, location, and number of employees of each paycheck protection loan recipient; and (2) the number of loans disbursed and total fees collected by each paycheck protection lender. Additionally, the SBA must report to Congress on the status of paycheck protection loans.