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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Government Operations, Transportation.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HBCFF2833C5EE4A5286815D6F9646B2AF: 1. Short title This Act may be cited as the Returning Erroneous COVID Loans Addressing Illegal and Misappropriated Taxpayer Funds Act or the RECLAIM Taxpayer...
- Section H49E0D01F0AD441D2ACDABD630AF815BC: 2. Paycheck Protection Loan return guidance Not later than 30 days after the date of the enactment of this Act, the Administrator of the Small Business...
- Section HB8447B25F76D4B46BFF4D4B83B0BE563: 3. Returns handling process Not later than 30 days after the date of the enactment of this Act, the Administrator of the Small Business Administration shall...
- Section H7227AE1D9BEC46D6936FA216FB7AB02C: 4. Definitions In this Act: The term Administration means the Small Business Administration. The term Administrator means the Administration of the Small...
- Section H26FB802B0D934A6AB76AFB16D82EFD3B: 5. Compliance with CUTGO No additional amounts are authorized to be appropriated to carry out this Act.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
This bill, 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Government Operations, Transportation
Primary Purpose
This bill, 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
Contextual inference, no direct clause citation- financial institutions, investors, and borrowers
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- federal implementing agencies
- financial institutions, investors, and borrowers
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
ReportedReceived; read twice and referred to the Committee on Small …
Additional sponsor: Mr. LaLota
Reported from the Committee on Small Business; committed to the …
Ms. Salazar (for herself and Mr. McGarvey) introduced the following …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Small Business Administration, U.S. Treasury
Positive-direction: U.S. Treasury
Negative-direction: Small Business Administration
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "administrator_of_sba"
- → Administrator of the Small Business Administration
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology