Text: H.R.7093 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (06/04/2020)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7093 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7093

 To require the Administrator of the Small Business Administration to 
report on covered loans made under the paycheck protection program, and 
                          for other purposes.


_______________________________________________________________________


                    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.

    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 ``PPP Accountability Act''.

SEC. 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.
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