PPP Accountability Act

Bill: 116-hr-7093
Sponsor: full_name: Rep. Davids, Sharice [D-KS-3]
Introduced: 2020-06-04
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Congressional oversight

Emergency medical services and trauma care

Government information and archives

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2020-06-04
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2020-06-04
action_desc: Introduced in House
text: <p><b>PPP Accountability Act</b></p> <p>This bill requires the Small Business Administration (SBA) to publish on its website certain information regarding any loan of $1 million or greater made under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p>Such information shall include the identity of a paycheck protection loan recipient, the identity of the lender, and the amount of the paycheck protection loan. With respect to each application for loan forgiveness under the program, the SBA must publish (1) the amount of such forgiveness and the date of approval, and (2) the number of employees who received a paycheck and the duration of such receipt.</p> <p>The SBA must also report to Congress an overview of actions taken to carry out the program and a detailed financial statement including the number, amount, balances, and forgiveness status of each paycheck protection loan.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7093 IN THE HOUSE OF REPRESENTATIVES June 4, 2020 Ms. Davids of Kansas (for herself and Mr. Kim ) 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 report on covered loans made under the paycheck protection program, and for other purposes.

1. Short title This Act may be cited as the PPP Accountability Act . 2. Reports on the Paycheck Protection Program (a) Disclosure of transactions Not later than 7 days from the date of enactment of this Act, and not later than 72 hours after any guarantee for a covered loan (as defined under section 7(a)(36) of the Small Business Act) is made by the Administrator of the Small Business Administration subsequent to the enactment of this Act, the Administrator shall publish on a website of the Small Business Administration information on such covered loans. The information shall include— (1) the identity of the recipient of the covered loan, including the name of the recipient, location, and industry sector in which the recipient operates; and (2) the amount of the covered loan, the date of the covered loan approval, and identity of the lender. (b) Disclosure of forgiveness Not later than 72 hours after the Administrator remits the appropriate forgiveness amount to the lender under 1106(c)(3) of the CARES Act ( Public Law 116–136 ), the Administrator shall publish on a website of the Small Business Administration, along with the disclosure required under subsection (a)— (1) the amount of such forgiveness and the date of approval of such forgiveness; and (2) the number of employees who received payments of any compensation described in section 7(a)(36)(A)(viii)(I) of the Small Business Act from proceeds of such covered loan, and the duration for which each such employee received any such payment. (c) Exemption from disclosure Subsections (a) and (b) shall not apply to a covered loan in an amount less than $1,000,000. (d) Report to Congress (1) In general Not later than 1 week after the date of enactment of this Act, and every week thereafter until the last day of the covered period (as defined in section 7(a)(36)(A) of the Small Business Act), the Administrator 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 covered loans made under section that includes— (A) an overview of such actions taken by the Administrator during the period covered by the report; and (B) a detailed financial statement with respect to covered loans made under section 7(a)(36) of the Small Business Act, including the number, amount, and balances of all covered loans, covered loan payments, and status of forgiveness of each covered loan; and any sale of a covered loan on the secondary market. (2) Publication Not later than 7 days after the date on which the Administrator submits a report required under paragraph (1), the Administrator shall publish such report on a website of the Small Business Administration.