[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4667 Engrossed in House (EH)]

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118th CONGRESS
  1st Session
                                H. R. 4667

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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 Funds Act''.

SEC. 2. PAYCHECK PROTECTION LOAN RETURN GUIDANCE.

    (a) In General.--Not later than 30 days after the date of the 
enactment of this Act, the Administrator of the Small Business 
Administration shall issue guidance for borrowers and lenders on 
returning any unused amounts of PPP loans made to the borrower.
    (b) Guidance Requirements.--The guidance required by subsection (a) 
shall include--
            (1) detailed guidance for borrowers on how to return to the 
        lender that made a PPP loan to the borrower the unused amounts 
        of such PPP loan;
            (2) detailed guidance for lenders regarding the 
        responsibilities of lenders, including that a lender must--
                    (A) accept the return of any unused amounts of any 
                PPP loan from a borrower or any other source (including 
                law enforcement) if the lender made such PPP loan;
                    (B) document the reason for the return of such 
                unused amounts, the identification number of the PPP 
                loan, the name of the borrower of the PPP loan, and the 
                name of the person returning such unused amounts if 
                different than the borrower;
                    (C) remit such unused amounts to the 
                Administration;
                    (D) make the guidance described in paragraph (1) 
                available to borrowers described in such paragraph; and
                    (E) if the lender made a PPP loan, periodically 
                certify that the lender has reported and returned to 
                the Administration all unused amounts of PPP loans 
                returned to the lender;
            (3) detailed guidance for financial institutions holding 
        funds from a PPP loan on the procedure for returning such funds 
        to the Administration if the financial institution suspects the 
        borrower may be committing fraud with respect to the PPP loan 
        or any other issue for which the financial institution should 
        return the funds the Administration; and
            (4) detailed guidance for borrowers and lenders of PPP 
        loans, financial institutions described in paragraph (3), and 
        other relevant individuals and entities on complying with the 
        requirement to report to the Office of the Inspector General 
        for the Small Business Administration any information 
        indicating the occurrence of fraud with respect to a PPP loan.

SEC. 3. RETURNS HANDLING PROCESS.

    (a) In General.--Not later than 30 days after the date of the 
enactment of this Act, the Administrator of the Small Business 
Administration shall issue guidance establishing a process for the 
Small Business Administration to track amounts of PPP loans returned to 
mitigate the risk of financial loss to the Federal Government.
    (b) Returns Handling Process Requirements.--The process established 
under subsection (a) shall require--
            (1) the Administration to accept returns of unused amounts 
        of PPP loans; and
            (2) the Administrator to deposit in the general fund of the 
        Treasury the unused amounts of PPP loans returned to the 
        Administration.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Administration.--The term ``Administration'' means the 
        Small Business Administration.
            (2) Administrator.--The term ``Administrator'' means the 
        Administration of the Small Business Administration.
            (3) PPP loan.--The term ``PPP loan'' means a loan made 
        under paragraph (36) or (37) of section 7(a) of the Small 
        Business Act (15 U.S.C. 636(a)).

SEC. 5. COMPLIANCE WITH CUTGO.

    No additional amounts are authorized to be appropriated to carry 
out this Act.

            Passed the House of Representatives November 30, 2023.

            Attest:

                                                                 Clerk.
118th CONGRESS

  1st Session

                               H. R. 4667

_______________________________________________________________________

                                 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.