Title: Paycheck Protection Program Transparency Act of 2020
Policy area: Commerce

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 contains specified borrower information such as the name, location, and number of employees of each borrower of a paycheck protection loan. The SBA must establish a second website that contains specified lender information such as 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.


[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4455 Introduced in Senate (IS)]

<DOC>






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.

    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 ``Paycheck Protection Program 
Transparency Act of 2020''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Administration; administrator.--The terms 
        ``Administration'' and ``Administrator'' mean the Small 
        Business Administration and the Administrator thereof, 
        respectively.
            (2) Borrower.--The term ``borrower'' includes, whether for 
        profit or nonprofit--
                    (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.
            (3) Lender.--The term ``lender'' means any lender or 
        intermediary, as defined in section 7(m) of the Small Business 
        Act (15 U.S.C. 636(m)), that disbursed a Paycheck Protection 
        Program Loan.
            (4) Paycheck protection program loan.--The term ``Paycheck 
        Protection Program Loan'' means a covered loan under section 
        7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).
            (5) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.

SEC. 3. FULL DISCLOSURE OF ENTITIES RECEIVING PAYCHECK PROTECTION 
              PROGRAM LOANS.

    (a) Borrowers.--Not later than 30 calendar days after the date of 
enactment of this Act, the Administration shall establish a single 
searchable website that--
            (1) shall be updated every 7 calendar days thereafter;
            (2) is accessible by the public at no cost in a 
        downloadable in a structured data format; and
            (3) includes, with respect to each Paycheck Protection 
        Program Loan borrower--
                    (A) the name of the borrower;
                    (B) the amount received by the borrower under a 
                Paycheck Protection Program Loan, and the date of such 
                receipt;
                    (C) the location of the borrower, including the 
                city, State, congressional district, and 5-digit ZIP 
                Code;
                    (D) the number of employees of the borrower as of 
                the date described in subparagraph (B);
                    (E) whether the borrower is--
                            (i) 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 
                        (15 U.S.C. 637(d)(3)(C));
                            (ii) a small business concern owned and 
                        controlled by women, as defined in section 3 of 
                        such Act (15 U.S.C. 632); or
                            (iii) a small business concern owned and 
                        controlled by veterans, as defined in section 3 
                        of such Act (15 U.S.C. 632);
                    (F) the North American Industry Classification 
                System code for the industry in which the borrower 
                operates;
                    (G) the tax status of the borrower; and
                    (H) the amount of a Paycheck Protection Program 
                Loan returned, if applicable.
    (b) Lenders.--Not later than 30 days after the date of enactment of 
this Act, the Administration shall establish a single searchable 
website that--
            (1) shall be updated every 7 calendar days thereafter;
            (2) is accessible by the public at no cost in a 
        downloadable in a structured data format;
            (3) includes, with respect to each lender of a Paycheck 
        Protection Program Loan--
                    (A) the name of the lender;
                    (B) the physical location of the lender, including 
                the city, State, congressional district, and 5-digit 
                ZIP Code;
                    (C) the number of Paycheck Protection Program Loans 
                disbursed by the lender;
                    (D) the aggregate value of Paycheck Protection 
                Program Loans disbursed by the lender;
                    (E) the average value of Paycheck Protection 
                Program Loans disbursed by the lender; and
                    (F) the total fees collected by the lender with 
                respect to Paycheck Protection Program Loans; and
            (4) includes--
                    (A) the number of lenders that are community 
                development financial institutions, as defined in 
                section 103 of the Riegle Community Development and 
                Regulatory Improvement Act of 1994 (12 U.S.C. 4702)); 
                and
                    (B) the number of lenders that are minority 
                depository institutions, as defined in section 308 of 
                the Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989 (12 U.S.C. 1463 note).
    (c) Consultation.--In establishing the websites required under this 
section, the Administration shall consult with service delivery units 
in the Federal Government, including those units in the General 
Services Administration.

SEC. 4. REPORT.

    Not later than 30 calendar days after the date of enactment of this 
Act, the Inspector General of the Administration shall submit to the 
Committee on Banking, Housing, and Urban Affairs and the Committee on 
Small Business and Entrepreneurship of the Senate, the Committee on 
Financial Services and the Committee on Small Business of the House of 
Representatives, the Congressional Oversight Commission established 
under section 4020 of the CARES Act (Public Law 116-136), and the 
Pandemic Response Accountability Committee established under section 
15010 of the CARES Act (Public Law 116-136) a report, which shall--
            (1) be posted on each website established under section 3; 
        and
            (2) include--
                    (A) information on the status of Paycheck 
                Protection Program Loans, including when the loans are 
                closed;
                    (B) information on Paycheck Protection Program 
                Loans that were made and those that were returned;
                    (C) information on the Paycheck Protection Program 
                Loans that were forgiven, which shall include data 
                disaggregated by the proceeds of the loan that were 
                used for each of the costs and payments described in 
                section 1106(b) of the CARES Act (Public Law 116-136);
                    (D) data on any borrowers of Paycheck Protection 
                Program Loans that have connections to Federal 
                Government officials;
                    (E) data on minority access to Paycheck Protection 
                Program Loans, including information on--
                            (i) minority borrowers, disaggregated by 
                        race;
                            (ii) the percentage of borrowers that are 
                        women, veterans, or minorities; and
                            (iii) the number of denials and acceptances 
                        for minority borrowers; and
                    (F) a plan for the regular collection of the data 
                described in subparagraph (E).

SEC. 5. PROHIBITION ON USE OF FUNDS FOR CERTAIN SALARIES.

    None of the funds authorized to be appropriated under the CARES Act 
(Public Law 116-136) or otherwise made available for fiscal year 2020 
for the Department of the Treasury or the Administration may be 
obligated or expended to pay the salary of the Secretary, the 
Administrator, or any political appointee of the Department of the 
Treasury or the Administration unless the Pandemic Response 
Accountability Committee established under section 15010 of the CARES 
Act (Public Law 116-136) certifies in writing to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives that the 
Administrator has established each website required under section 3.

SEC. 6. IMPLEMENTATION OF EQUAL CREDIT OPPORTUNITY ACT.

    The Bureau of Consumer Financial Protection shall implement the 
requirements under section 704B to the Equal Credit Opportunity Act (15 
U.S.C. 1691c-2) with respect to data provided under this Act related to 
Paycheck Protection Program Loans.

SEC. 7. AMENDMENT TO PANDEMIC RESPONSE ACCOUNTABILITY COMMITTEE.

    Section 15010(a)(6)(A) of the CARES Act (Public Law 116-136) is 
amended by inserting ``, without regard to the division of the Act 
under which the funds were made available'' after ``this Act''.
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