TRUTH Act

2020-05-08

Introduced in House

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

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.

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