An Act To require the Administrator of the Small Business Administration to issue guidance and rules for lenders and the Small Business Administration on handling amounts of Paycheck Protection Loans returned by borrowers, and for other purposes.
About This Bill
Passed
Latest Action · December 4, 2023
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Returning Erroneous COVID Loans Addressing Illegal and Misappropriated Taxpayer Funds Act or the RECLAIM Taxpayer Funds Act
This bill requires the Small Business Administration (SBA) to issue guidance for borrowers and lenders about returning any unused Paycheck Protection Program (PPP) loan amounts made to the borrower. The SBA must track the amounts of PPP loans returned to mitigate the risk of financial loss.
The guidance must be issued not later than 30 days after the bill is enacted.
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