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Bill > HR6782
US HR6782
US HR6782Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act TRUTH Act
summary
Introduced
05/08/2020
05/08/2020
In Committee
05/08/2020
05/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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. 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.
AI Summary
This bill, titled the Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act (TRUTH Act), requires the Small Business Administration (SBA) to publicly disclose information about the recipients of assistance under the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. Specifically, the SBA must publish details such as the identity of each recipient, the number of employees, the date the assistance was disbursed, the lenders or intermediaries involved, and the amount of assistance provided to small businesses owned by socially and economically disadvantaged individuals, women, and veterans. This bill aims to increase transparency and accountability around the distribution of these COVID-19 relief funds, which were the largest government spending in U.S. history.
Committee Categories
Business and Industry
Sponsors (26)
Dean Phillips (D)*,
Lisa Blunt Rochester (D),
Suzanne Bonamici (D),
Gil Cisneros (D),
Lou Correa (D),
Joe Courtney (D),
Angie Craig (D),
Brian Fitzpatrick (R),
John Garamendi (D),
Josh Gottheimer (D),
Debra Haaland (D),
Jared Huffman (D),
Sheila Jackson-Lee (D),
Ben Ray Luján (D),
Elaine Luria (D),
Tom Malinowski (D),
Betty McCollum (D),
Eleanor Holmes Norton (D),
Tom O'Halleran (D),
Lucille Roybal-Allard (D),
Tim Ryan (D),
Kilili Sablan (D),
Jan Schakowsky (D),
Elissa Slotkin (D),
Abigail Spanberger (D),
Jackie Speier (D),
Last Action
On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 269 - 147 (Roll no. 113). (on 05/28/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6782/all-info |
| BillText | https://www.congress.gov/116/bills/hr6782/BILLS-116hr6782ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6782/BILLS-116hr6782ih.pdf.pdf |
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