Sec. 90016. Reporting on small business programs under the CARES Act
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In this section— the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof; the term appropriate congressional committees means— Committee on Appropriations and the Committee on Small Business and Entrepreneurship of the Senate; and the Committee on Appropriations and the Committee on Small Business of the House of Representatives; the term covered assistance means— loans made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ); an advance on a loan made under section 1110(e) of the CARES Act ( Public Law 116–136 ); loans made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ), including those made in accordance with section 1110 of the CARES Act ( Public Law 116–136 ); loan forgiveness under section 1106 of the CARES Act ( Public Law 116–136 ); and the payment of principal, interest, and fees under section 1112(c) of the CARES Act ( Public Law 116–136 ); the term covered loan has the meaning given the term in section 1112(a) of the CARES Act ( Public Law 116–136 ); the term demographics means veteran status, gender, race, and ethnicity, as reported on Form 1919 of the Administration or any similar loan application form of the Administration; and the term State — means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any possession of the United States; and includes an Indian tribe, as defined in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 450b ).
During the period beginning on the day after the date of enactment of this Act and ending on the date on which loan, advance, or payment activity described in this subsection related to COVID–19 has ceased, the Administrator shall, on a daily basis, report to Congress on— the total number and dollar amount of loans or advances, broken down by loans and advances approved and loans and advances disbursed, under— section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ); section 1110(e) of the CARES Act ( Public Law 116–136 ); and section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ); for loans made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) )— the amount of remaining authority for the loans, in dollar amount and as a percentage; and an estimate of the date on which the net and gross dollar amount of loans will reach the maximum amount authorized for commitments for such loans; for advances made under section 1110(e) of the CARES Act ( Public Law 116–136 )— the amount of remaining funds appropriated for the advances, in dollar amount and as a percentage; and an estimate of the date on which the funds will be expended; and for loans made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) )— the amount of remaining authority for the loans, in dollar amount and as a percentage; and an estimate of the date on which the net and gross dollar amount of loans will reach the maximum amount authorized for commitments for such loans.
The Administrator shall include in each daily report submitted under paragraph (1), and update on a monthly basis until the date described in paragraph (1), with respect to payments made on covered loans under section 1112(c) of the CARES Act ( Public Law 116–136 )— the amount of remaining funds appropriated for the payments, in dollar amount and as a percentage; and an estimate of the date on which the funds will be expended. Not later than 1 week after the date of enactment of this Act, and every week thereafter until the date on which loan, advance, or payment activity described in this subsection related to COVID–19 has ceased, the Administrator shall submit to Congress a report on— loans made under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ), which shall include— the number and dollar amount of loans approved for or disbursed to all borrowers, including a breakout of loans by State, congressional district, demographics, industry, and loan size; the number and dollar amount of loans approved for or disbursed to business concerns assigned a North American Industry Classification System code beginning with 72, including a breakout of loans by State, congressional district, demographics, and loan size; the number and dollar amount of loans approved for or disbursed to nonprofit organizations and veterans organizations (as those terms are defined in section 7(a)(36)(A) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A) ), including religious institutions, including a breakout of loans by State, congressional district, industry, and loan size; for each category of borrowers described in clauses (i), (ii), and (iii)— the number of full-time equivalent employees at the time at which the borrower submits a loan application; the number of full-time equivalent employees at the time at which the borrower receives loan forgiveness under section 1106 of the CARES Act ( Public Law 116–136 ); and the number of full-time equivalent employees expected for borrowers in the 6-month period following forgiveness of the loan; the number and dollar amount of loans fully forgiven under section 1106 of the CARES Act ( Public Law 116–136 ), as compared to the number and dollar amount of loans made as of the date of the report; the number and dollar amount of loans not fully forgiven under section 1106 of the CARES Act ( Public Law 116–136 ), and the proportion of that dollar amount of loans that become term loans guaranteed by the Administration under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ); the total amount of the lender compensation fees paid to lenders; and the total amount lenders paid in broker fees; and loans made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) and advances made under section 1110(e) of the CARES Act ( Public Law 116–136 ), which shall include— the number and dollar amount of loans approved for or disbursed to all borrowers, including a breakout of loans by State, congressional district, demographics, industry, and loan size; the number and dollar amount of advances approved for or disbursed to grantees, including a breakout of loans by State, congressional district, demographics, industry, and grant size; the number and dollar amount of advances approved for or disbursed to private nonprofit organizations, including a breakout by State, congressional district, industry, and loan or grant size; for each category of recipients, the number of full-time equivalent employees of the recipient at the time at which an application is submitted for the loan or advance, and the number of jobs created or retained because of the loan or advance; loan processing times, including processing times for application to approval and approval to disbursement; and advance processing times, including the percentage of advances that were provided within 3 days of submission of the application, as required under section 1110(e)(1) of the CARES Act ( Public Law 116–136 ).
The Administrator shall include in each weekly report submitted under paragraph (1), and update on a monthly basis until the date described in paragraph (1), with respect to payments made on covered loans under section 1112(c) of the CARES Act ( Public Law 116–136 )— the total dollar amount approved and the total amount disbursed by the Administration and the number of borrowers receiving assistance under such section 1112(c), including a breakdown by— each type of covered loan described in subparagraph
(A)and
(B)of paragraph
(1)and paragraph
(2)of such section 1112(a); and whether the borrower is— an existing borrower of a covered loan, as described in subparagraph
(A)or
(B)of such section 1112(c)(1); or a new borrower of a covered loan, as described in subparagraph
(C)of such section 1112(c)(1); the total dollar amount approved and the total amount disbursed by the Administration by the Administration and number of borrowers receiving assistance under such section 1112(c) broken out by State and congressional district, including a breakdown by each type of covered loan described in subparagraph
(A)and
(B)of paragraph
(1)and paragraph
(2)of such section 1112(a); and the total number and amount of new covered loans by approval and disbursement broken out by lending institution, including a breakout of loans by State, congressional district, demographics, industry, and loan size. Not later than 30 days after the date of enactment of this Act, the Administrator and the Secretary of the Treasury shall submit to Congress a joint report on steps that the Administration and the Department of the Treasury are taking to identify and prevent potential instances of waste, fraud, and abuse relating to covered assistance, including borrower compliance with any loan deferment, relief, or forgiveness provided through covered assistance. To the extent practicable, with respect to each type of covered loan described in subparagraphs
(A)and
(B)of paragraph
(1)and paragraph
(2)of section 1112(a) of the CARES Act ( Public Law 116–136 ), the Administrator shall submit to Congress a report on— the number of full-time equivalent employees— for existing borrowers of a covered loan, as described in subparagraph
(A)or
(B)of such section 1112(c)(1) at the start of the debt relief under such section 1112(c); and for new borrowers of a covered loan, as described in subparagraph
(C)of such section 1112(c)(1), at the time of application for the covered loan; and the number of jobs created or retained because of the covered loan or the debt relief. The Administrator shall, to the extent practicable, submit to Congress the report required under paragraph
(1)not later than October 1, 2020, with an updated version submitted not later than January 31, 2021. Not later than 30 days after the date of enactment of this Act, the Administrator shall submit to the appropriate congressional committees a report that includes the plans of the Administrator to use the $675,000,000 provided in section 1107(a)(2) of the CARES Act ( Public Law 116–136 ) for salaries and expenses, and the $2,100,000,000 provided in title II of the Paycheck Protection Program and Health Care Enhancement Act ( Public Law 116–139 ) for salaries and expenses (including staff hired, the use of outside consultants, program improvements, and system upgrades), to carry out the provisions of title I of division A of the CARES Act ( Public Law 116–136 ). The Administrator shall collect and make publically available— the number and dollar amount of loans approved and for or disbursed under 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) to borrowers broken out by lending institution, including a breakout of loans made by the lending institution by State, congressional district, demographics, industry, and loan size, and the number and percent of loan applicants that were new or existing customers of the lender; the total amount of the lender compensation fees paid to each lender under such section 7(a)(36); the total amount each lender paid in broker fees under such section 7(a)(36); and to the extent practicable, detailed information on processing times for— loan approvals and loan disbursements under such section 7(a)(36); and notices of forgiveness of the loans under section 1106 of the CARES Act ( Public Law 116–136 ) to borrowers. Not later than 30 days after the date of enactment of this Act, the Administrator shall make available on a publicly available website in a standardized and downloadable format, and update on a monthly basis, any data contained in a report submitted under this section.
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Sec. 90016
Reporting on small business programs under the CARES Act
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