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 contains specified borrower information such as the name, location, and number of employees of each borrower of a paycheck protection loan. The SBA must establish a second website that contains specified lender information such as 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]
[S. 4455 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
2d Session
S. 4455
To require reporting on the paycheck protection program of the Small
Business Administration, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 5, 2020
Ms. Harris (for herself, Mr. Udall, Mrs. Gillibrand, Mrs. Feinstein,
Ms. Klobuchar, Ms. Smith, Mr. Merkley, and Mr. Heinrich) introduced the
following bill; which was read twice and referred to the Committee on
Small Business and Entrepreneurship
_______________________________________________________________________
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. DEFINITIONS.
In this Act:
(1) Administration; administrator.--The terms
``Administration'' and ``Administrator'' mean the Small
Business Administration and the Administrator thereof,
respectively.
(2) Borrower.--The term ``borrower'' 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.
(3) Lender.--The term ``lender'' means any lender or
intermediary, as defined in section 7(m) of the Small Business
Act (15 U.S.C. 636(m)), that disbursed a Paycheck Protection
Program Loan.
(4) 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)).
(5) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
SEC. 3. FULL DISCLOSURE OF ENTITIES RECEIVING PAYCHECK PROTECTION
PROGRAM LOANS.
(a) Borrowers.--Not later than 30 calendar days after the date of
enactment of this Act, the Administration shall establish a single
searchable website that--
(1) shall be updated every 7 calendar days thereafter;
(2) is accessible by the public at no cost in a
downloadable in a structured data format; and
(3) includes, with respect to each Paycheck Protection
Program Loan borrower--
(A) the name of the borrower;
(B) the amount received by the borrower under a
Paycheck Protection Program Loan, and the date of such
receipt;
(C) the location of the borrower, including the
city, State, congressional district, and 5-digit ZIP
Code;
(D) the number of employees of the borrower as of
the date described in subparagraph (B);
(E) whether the borrower is--
(i) 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
(15 U.S.C. 637(d)(3)(C));
(ii) a small business concern owned and
controlled by women, as defined in section 3 of
such Act (15 U.S.C. 632); or
(iii) a small business concern owned and
controlled by veterans, as defined in section 3
of such Act (15 U.S.C. 632);
(F) the North American Industry Classification
System code for the industry in which the borrower
operates;
(G) the tax status of the borrower; and
(H) the amount of a Paycheck Protection Program
Loan returned, if applicable.
(b) Lenders.--Not later than 30 days after the date of enactment of
this Act, the Administration shall establish a single searchable
website that--
(1) shall be updated every 7 calendar days thereafter;
(2) is accessible by the public at no cost in a
downloadable in a structured data format;
(3) includes, with respect to each lender of a Paycheck
Protection Program Loan--
(A) the name of the lender;
(B) the physical location of the lender, including
the city, State, congressional district, and 5-digit
ZIP Code;
(C) the number of Paycheck Protection Program Loans
disbursed by the lender;
(D) the aggregate value of Paycheck Protection
Program Loans disbursed by the lender;
(E) the average value of Paycheck Protection
Program Loans disbursed by the lender; and
(F) the total fees collected by the lender with
respect to Paycheck Protection Program Loans; and
(4) includes--
(A) the number of lenders that are community
development financial institutions, as defined in
section 103 of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4702));
and
(B) the number of lenders that are minority
depository institutions, as defined in section 308 of
the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (12 U.S.C. 1463 note).
(c) Consultation.--In establishing the websites required under this
section, the Administration shall consult with service delivery units
in the Federal Government, including those units in the General
Services Administration.
SEC. 4. REPORT.
Not later than 30 calendar days after the date of enactment of this
Act, the Inspector General of the Administration shall submit to the
Committee on Banking, Housing, and Urban Affairs and the Committee on
Small Business and Entrepreneurship of the Senate, the Committee on
Financial Services and the Committee on Small Business of the House of
Representatives, the Congressional Oversight Commission established
under section 4020 of the CARES Act (Public Law 116-136), and the
Pandemic Response Accountability Committee established under section
15010 of the CARES Act (Public Law 116-136) a report, which shall--
(1) be posted on each website established under section 3;
and
(2) include--
(A) information on the status of Paycheck
Protection Program Loans, including when the loans are
closed;
(B) information on Paycheck Protection Program
Loans that were made and those that were returned;
(C) information on the Paycheck Protection Program
Loans that were forgiven, which shall include data
disaggregated by the proceeds of the loan that were
used for each of the costs and payments described in
section 1106(b) of the CARES Act (Public Law 116-136);
(D) data on any borrowers of Paycheck Protection
Program Loans that have connections to Federal
Government officials;
(E) data on minority access to Paycheck Protection
Program Loans, including information on--
(i) minority borrowers, disaggregated by
race;
(ii) the percentage of borrowers that are
women, veterans, or minorities; and
(iii) the number of denials and acceptances
for minority borrowers; and
(F) a plan for the regular collection of the data
described in subparagraph (E).
SEC. 5. 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 for fiscal year 2020
for the Department of the Treasury or the Administration may be
obligated or expended to pay the salary of the Secretary, the
Administrator, or any political appointee of the Department of the
Treasury or the Administration unless the Pandemic Response
Accountability Committee established under section 15010 of the CARES
Act (Public Law 116-136) certifies in writing to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives that the
Administrator has established each website required under section 3.
SEC. 6. IMPLEMENTATION OF EQUAL CREDIT OPPORTUNITY ACT.
The Bureau of Consumer Financial Protection shall implement the
requirements under section 704B to the Equal Credit Opportunity Act (15
U.S.C. 1691c-2) with respect to data provided under this Act related to
Paycheck Protection Program Loans.
SEC. 7. AMENDMENT TO PANDEMIC RESPONSE ACCOUNTABILITY COMMITTEE.
Section 15010(a)(6)(A) of the CARES Act (Public Law 116-136) is
amended by inserting ``, without regard to the division of the Act
under which the funds were made available'' after ``this Act''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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