Paycheck Protection Program Transparency Act of 2020

Bill: 116-hr-6874
Sponsor: full_name: Rep. Porter, Katie [D-CA-45]
Introduced: 2020-05-14
Policy area: Commerce
Subjects: Business expenses

Business records

Cardiovascular and respiratory health

Congressional oversight

Corporate finance and management

Credit and credit markets

Department of the Treasury

Emergency medical services and trauma care

Executive agency funding and structure

Federal officials

Government information and archives

Government lending and loan guarantees

Infectious and parasitic diseases

Minority and disadvantaged businesses

Small Business Administration

Small business

Tax administration and collection, taxpayers

Veterans' education, employment, rehabilitation

Veterans' loans, housing, homeless programs

Wages and earnings

Women in business
Latest action: action_date: 2020-05-14
text: 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.

Summaries:
action_date: 2020-05-14
action_desc: Introduced in House
text: <p><b>Paycheck Protection Program Transparency Act of 2020</b></p> <p>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).</p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6874 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.

1. Short title This Act may be cited as the Paycheck Protection Program Transparency Act of 2020 . 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. 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) ). . 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).