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.
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 …
Summary
What This Bill Does
Mandates SBA issue guidance within 30 days for borrowers and lenders on returning unused PPP loan funds. Establishes procedures for accepting returns and reporting to SBA.
Who Benefits and How
- SBA recovers unused and fraudulent PPP funds
- Lenders receive clear return procedures
- Taxpayers recover misused COVID relief funds
Who Bears the Burden and How
- Lenders must accept returns and remit to SBA
- Financial institutions must report suspected fraud
- SBA administers return program
Key Provisions
- Guidance required within 30 days of enactment
- Lenders must accept returns from any source including law enforcement
- Document loan ID, borrower name, return reason
- Periodic certification of returned amounts
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Requires SBA to issue guidance for returning unused PPP loan amounts
Policy Domains
Legislative Strategy
"Recover unused and fraudulent PPP funds through clear return procedures"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_administrator"
- → SBA Administrator
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