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 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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6874 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6874

 To require reporting on the paycheck protection program of the Small 
            Business Administration, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2020

  Ms. Porter introduced the following bill; which was referred to the 
   Committee on Small Business, and in addition to the Committees on 
Financial Services, and Ways and Means, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 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. FULL DISCLOSURE OF ENTITIES RECEIVING PAYCHECK PROTECTION 
              PROGRAM LOANS.

    (a) Definitions.--In this section:
            (1) Recipient.--The term ``recipient'' 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.
            (2) Lender.--The term ``lender'' means any lender or 
        intermediary (as defined under section 7(m) of the Small 
        Business Act (15 U.S.C. 636(m)) that disbursed a covered loan 
        under section 7(a)(36) of such Act (15 U.S.C. 636(a)(36)).
            (3) 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)).
    (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.

SEC. 3. REPORT.

    Section 1102 of the CARES Act (Public Law 116-136) is amended by 
adding at the end the following:
    ``(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)).''.

SEC. 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) or otherwise made available fiscal year 2020 for 
the Department of the Treasury or the Small Business Administration may 
be obligated or expended to pay the salary of the Secretary of the 
Treasury, the Administrator of the Small Business Administration, or 
any political appointee of the Department of the Treasury or the Small 
Business Administration, if the Administrator does not establish the 
website described in section 2(b).
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