No Duplicate PPP Loans Act of 2021
Bill: H.R.2799 | Sponsor: Rep. Perry, Scott (R-PA)
Policy area: Commerce

Summary:
No Duplicate PPP Loans Act of 2021
This bill requires a borrower that knowingly and willfully submits false information in order to obtain a loan under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), to repay any amount received. The Small Business Administration must submit a report on any such loans that includes the number of attempted and processed applications for such loans and actions taken to recover improper disbursements.

To amend the Small Business Act to ensure duplicate loans are 
    ineligible under the paycheck protection program, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Duplicate PPP Loans Act of 
2021''.

SEC. 2. INELIGIBLE DUPLICATE LOANS UNDER THE PAYCHECK PROTECTION 
              PROGRAM.

    (a) In General.--Section 7A of the Small Business Act (15 U.S.C. 
636m) is amended by adding to the end the following new subsection:
    ``(m) Ineligible Duplicate Loans.--Any borrower that knowingly and 
willfully submits false information for the purposes of obtaining a 
covered loan under section 7(a)(36) shall be required to repay any 
amount of such covered loan.''.
    (b) Guidance.--Not later than 10 days after the date of the 
enactment of this Act, the Administrator of the Small Business 
Administration shall issue guidance to carry out the amendments made by 
this Act.

SEC. 3. REPORT ON INELIGIBLE DUPLICATE LOANS.

    (a) Report to Congress.--Not later than 1 week after the date of 
the enactment of this Act, and weekly thereafter until the last day of 
the covered period (as defined in section 7(a)(36)(A) of the Small 
Business Act (15 U.S.C. 636(a)(36)(A)), the Administrator of the Small 
Business Administration shall submit to the Committees on Banking, 
Housing, and Urban Affairs and Small Business and Entrepreneurship of 
the Senate, and the Committees on Financial Services and Small Business 
of the House of Representatives, a report on ineligible duplicate loans 
(as described under section 7A(m) of the Small Business Act, as added 
by this Act) that includes--
            (1) the number of attempted applications for such 
        ineligible duplicate loans;
            (2) the number of processed applications for such 
        ineligible duplicate loans;
            (3) dollars disbursed for such ineligible duplicate loans; 
        and
            (4) actions taken by the Administrator to--
                    (A) review potential disbursements for such 
                ineligible duplicate loans;
                    (B) recover improper disbursements for such 
                ineligible duplicate loans;
                    (C) strengthen technical systems to ensure the 
                detection of such ineligible duplicate loan 
                applications; and
                    (D) provide guidance to lenders on such ineligible 
                duplicate loan applications.
    (b) Publication.--Not later than 7 days after the date on which the 
Administrator submits a report required under subsection (a), the 
Administrator shall publish such report on a website of the Small 
Business Administration.
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