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Bill > HR6782


US HR6782

US HR6782
Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act TRUTH Act


summary

Introduced
05/08/2020
In Committee
05/08/2020
Crossed Over
Passed
Dead
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)

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)

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