IIB 
118TH CONGRESS 
1ST SESSION H. R. 4667 
IN THE SENATE OF THE UNITED STATES 
DECEMBER 4, 2023 
Received; read twice and referred to the Committee on Small Business and 
Entrepreneurship 
AN ACT 
To require the Administrator of the Small Business Adminis-
tration to issue guidance and rules for lenders and the 
Small Business Administration on handling amounts of 
Paycheck Protection Loans returned by borrowers, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Returning Erroneous 
COVID Loans Addressing Illegal and Misappropriated 
Taxpayer Funds Act’’ or the ‘‘RECLAIM Taxpayer 
Funds Act’’. 
SEC. 2. PAYCHECK PROTECTION LOAN RETURN GUIDANCE. 
(a) IN GENERAL.—Not later than 30 days after the 
date of the enactment of this Act, the Administrator of 
the Small Business Administration shall issue guidance 
for borrowers and lenders on returning any unused 
amounts of PPP loans made to the borrower. 
(b) GUIDANCE REQUIREMENTS.—The guidance re-
quired by subsection (a) shall include— 
(1) detailed guidance for borrowers on how to 
return to the lender that made a PPP loan to the 
borrower the unused amounts of such PPP loan; 
(2) detailed guidance for lenders regarding the 
responsibilities of lenders, including that a lender 
must— 
(A) accept the return of any unused 
amounts of any PPP loan from a borrower or 
any other source (including law enforcement) if 
the lender made such PPP loan; 
(B) document the reason for the return of 
such unused amounts, the identification number 
of the PPP loan, the name of the borrower of 
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the PPP loan, and the name of the person re-
turning such unused amounts if different than 
the borrower; 
(C) remit such unused amounts to the Ad-
ministration; 
(D) make the guidance described in para-
graph (1) available to borrowers described in 
such paragraph; and 
(E) if the lender made a PPP loan, peri-
odically certify that the lender has reported and 
returned to the Administration all unused 
amounts of PPP loans returned to the lender; 
(3) detailed guidance for financial institutions 
holding funds from a PPP loan on the procedure for 
returning such funds to the Administration if the fi-
nancial institution suspects the borrower may be 
committing fraud with respect to the PPP loan or 
any other issue for which the financial institution 
should return the funds the Administration; and 
(4) detailed guidance for borrowers and lenders 
of PPP loans, financial institutions described in 
paragraph (3), and other relevant individuals and 
entities on complying with the requirement to report 
to the Office of the Inspector General for the Small 
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Business Administration any information indicating 
the occurrence of fraud with respect to a PPP loan. 
SEC. 3. RETURNS HANDLING PROCESS. 
(a) IN GENERAL.—Not later than 30 days after the 
date of the enactment of this Act, the Administrator of 
the Small Business Administration shall issue guidance es-
tablishing a process for the Small Business Administration 
to track amounts of PPP loans returned to mitigate the 
risk of financial loss to the Federal Government. 
(b) 
RETURNS
HANDLING
PROCESS
REQUIRE-
MENTS.—The process established under subsection (a) 
shall require— 
(1) the Administration to accept returns of un-
used amounts of PPP loans; and 
(2) the Administrator to deposit in the general 
fund of the Treasury the unused amounts of PPP 
loans returned to the Administration. 
SEC. 4. DEFINITIONS. 
In this Act: 
(1) ADMINISTRATION.—The term ‘‘Administra-
tion’’ means the Small Business Administration. 
(2) ADMINISTRATOR.—The term ‘‘Adminis-
trator’’ means the Administration of the Small Busi-
ness Administration. 
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(3) PPP LOAN.—The term ‘‘PPP loan’’ means 
a loan made under paragraph (36) or (37) of section 
7(a) of the Small Business Act (15 U.S.C. 636(a)). 
SEC. 5. COMPLIANCE WITH CUTGO. 
No additional amounts are authorized to be appro-
priated to carry out this Act. 
Passed the House of Representatives November 30, 
2023. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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