Sec. 404. Data transparency, verification, and notices for economic injury disaster loans
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Section 1110 of the CARES Act ( 15 U.S.C. 9009 ) is amended— by redesignating subsection
(f)as subsection (j); and by inserting after subsection
(e)the following new subsections: In this subsection, the term covered application means an application submitted to the Administrator for a loan under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ), including an application for such a loan submitted by an eligible entity. Not later than 1 week after the date of enactment of this subsection, and weekly thereafter until the end of the covered period, the Administrator shall publish on the website of the Administration a report that contains the following information: For the week covered by the report, the number of covered applications that the Administrator— received; processed; and approved and rejected, including the percentage of covered applications that the Administrator approved. With respect to the covered applications that the Administrator approved during that week, the number and dollar amount of the loans made with respect to such applications as part of a response to COVID–19. The identification number, or other indicator showing the order in which any application was received and intended to be processed, for the most recent covered application processed by the Administrator. Demographic data with respect to applicants submitting covered applications during the week covered by the report and loans made pursuant to covered applications during the week covered by the report, which shall include— with respect to each such applicant or loan recipient, as applicable, information regarding— the geographic area in which the applicant or loan recipient operates; if applicable, the sex, race, and ethnicity of each owner of the applicant or loan recipient, which the individual may decline to provide; the annual revenue of the applicant or loan recipient; the number of employees employed by the applicant or loan recipient; whether the applicant or loan recipient is a for-profit or nonprofit entity; and the industry in which the applicant or loan recipient operates; the number of such loans made to agricultural enterprises; and the average economic injury suffered by— applicants, the covered applications of which the Administrator approved; and applicants, the covered applications of which the Administrator rejected. With respect to an application submitted to the Administrator during the covered period for a loan under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) in response to COVID–19, the Administrator shall verify that each such applicant was in operation on January 31, 2020. Not later than 30 days after the date of enactment of this subsection, the Administrator shall submit to Congress a report that describes the steps taken by the Administrator to perform the verification required under paragraph (1). It is the sense of Congress that the verification required under paragraph
(1)constitutes oversight that the Administrator is required to perform under paragraph
(15)of section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ) with respect to entities receiving loans under paragraph
(2)of such section 7(b). In this subsection— the term appropriate committees of Congress means— the Committee on Small Business and Entrepreneurship and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate; and the Committee on Small Business and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives; and the term covered program, project, or activity means— the program under this section; the loan program under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ); the authorized activities for amounts were appropriated in response to the COVID–19 pandemic under the heading Small Business Administration—Salaries and Expenses ; or any other program, project, or activity for which funds are made available to the Administration to respond to the COVID–19 pandemic. The Administrator shall submit to the appropriate committees of Congress a notification not later than 2 days after the date on which unobligated balances of amounts appropriated for a fiscal year for any covered program, project, or activity are less than 25 percent of the total amount appropriated for the covered program, project, or activity for such fiscal year. The Administrator shall submit to the appropriate committees of Congress a monthly report detailing the current and future planned uses of amounts appropriated in response to the COVID–19 pandemic under the heading Small Business Administration—Salaries and Expenses , which shall include— the number of employees hired and contractors retained using such amounts; the number of contracts with a total cost of more than $5,000,000 entered into using such amounts; a list of all sole source contracts entered into using such amounts; and any program changes, regulatory actions, guidance issuances, or other initiatives relating to the response to the COVID–19 pandemic. . As soon as is practicable after the date of enactment of this Act, the Administrator shall collect the information required under section 1110(f) of the CARES Act ( 15 U.S.C. 9009(f) ), as amended by subsection (a), from applicants that submitted covered applications (as defined in such section 1110(f)) during the period beginning on the date of enactment of the CARES Act ( Public Law 116–136 ) and ending on the date of enactment of this Act.
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Sec. 404
Data transparency, verification, and notices for economic injury disaster loans
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