Title: TRUTH Act
Policy area: Commerce

Summary:
Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act or the TRUTH Act
This bill requires the Small Business Administration (SBA) to make information regarding economic relief measures implemented in response to COVID-19 (i.e., coronavirus disease 2019) publicly available.
Specifically, with respect to the Paycheck Protection Program and economic injury disaster loans and emergency grants, the SBA must publish (1) the identity of each recipient of assistance and an explanation of the decision-making process underlying such disbursal; (2) the number of employees of each recipient and the date on which such assistance was disbursed; (3) an identification of each lender or intermediary through which assistance was disbursed; and (4) the amount of assistance disbursed to small businesses owned and controlled by socially and economically disadvantaged individuals, women, and veterans.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6782 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6782

 To require the Administrator of the Small Business Administration to 
    submit a report on recipients of assistance under the paycheck 
 protection program and the economic injury disaster loan program, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

   Mr. Phillips (for himself, Mr. Correa, Ms. Schakowsky, Ms. Roybal-
Allard, Mr. Malinowski, Ms. Spanberger, Mr. Gottheimer, Mr. Garamendi, 
  Mr. Sablan, Ms. McCollum, and Ms. Haaland) introduced the following 
      bill; which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To require the Administrator of the Small Business Administration to 
    submit a report on recipients of assistance under the paycheck 
 protection program and the economic injury disaster loan 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 ``Small Business Transparency and 
Reporting for the Underbanked and Taxpayers at Home Act'' or the 
``TRUTH Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The President has not nominated and the Senate has yet 
        to confirm a Special Inspector General for Pandemic Response as 
        was required by the CARES Act.
            (2) The CARES Act and Paycheck Protection Program and 
        Health Care Enhancement Act were the largest outlay of taxpayer 
        money in the history of the United States.
            (3) The American people demand and deserve responsible 
        stewardship.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that the Small Business Administration 
must provide immediate transparency over all areas of its 
administration of the Paycheck Protection Program (PPP) and Economic 
Injury Disaster Loan program (EIDL).

SEC. 4. REPORT.

    Not later than 30 days after the date of the enactment of this Act, 
the Administrator of the Small Business Administration shall make 
publicly available, in an online format that is sortable and searchable 
for key words and downloadable (to the extent technically practicable), 
the following information with respect to the paycheck protection 
program and the economic injury disaster loan program:
            (1) An identification of each recipient of assistance from 
        funds appropriated under the CARES Act (Public Law 116-136) or 
        the Paycheck Protection Program and Health Care Enhancement Act 
        (Public Law 116-139).
            (2) An explanation of the decision-making processes under 
        which such funds were disbursed.
            (3) The number of employees of each entity that received 
        such assistance.
            (4) The date on which such assistance was disbursed.
            (5) An identification of each lender or intermediary 
        through which such assistance was disbursed.
            (6) The amount of assistance provided to small business 
        concerns 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))), small 
        business concern owned and controlled by women (as defined 
        under section 3(n) of such Act (15 U.S.C. 632(n))), and small 
        business concern owned and controlled by veterans (as defined 
        in section 3(q) of such Act (15 U.S.C. 632(q))).
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