H.R. 2799, No Duplicate PPP Loans Act of 2021
Summary
H.R. 2799, the No Duplicate PPP Loans Act of 2021, is a bill to amend the Small Business Act to ensure duplicate loans are ineligible under the paycheck protection program. Perry introduced it in the House of Representatives on April 22, 2021, and it was referred to the Committee on Small Business. A borrower that knowingly and willfully submits false information to obtain a covered loan under section 7(a)(36) would be required to repay any amount of the loan. The Administrator of the Small Business Administration would issue guidance not later than 10 days after enactment and publish a report on a website not later than 7 days after submitting it.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 117Hr2799Ih Bills 117Hr2799Ih
- Case
- Bills Bills 117Hr2799Ih Bills 117Hr2799Ih
Cite this document
“H.R. 2799, No Duplicate PPP Loans Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr2799ih-bills-117hr2799ih/
, SHA-256 2ff0eed929091d5ca257476a2c2d875279327295ed09242b19485bb296b07d19.Full text
I
117TH CONGRESS
1ST SESSION
H. R. 2799
To amend the Small Business Act to ensure duplicate loans are ineligible
under the paycheck protection program, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 22, 2021
Mr. PERRY introduced the following bill; which was referred to the Committee
on Small Business
A BILL
To amend the Small Business Act to ensure duplicate loans
are ineligible under the paycheck protection program,
and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘No Duplicate PPP
5 Loans Act of 2021’’.
6 SEC. 2. INELIGIBLE DUPLICATE LOANS UNDER THE PAY-
7 CHECK PROTECTION PROGRAM.
8 (a) IN GENERAL.—Section 7A of the Small Business
pbinns on DSKJLVW7X2PROD with BILLS
9 Act (15 U.S.C. 636m) is amended by adding to the end
10 the following new subsection:
VerDate Sep 11 2014 05:18 Jun 17, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2799.IH H2799
2
1 ‘‘(m) INELIGIBLE DUPLICATE LOANS.—Any bor-
2 rower that knowingly and willfully submits false informa-
3 tion for the purposes of obtaining a covered loan under
4 section 7(a)(36) shall be required to repay any amount
5 of such covered loan.’’.
6 (b) GUIDANCE.—Not later than 10 days after the
7 date of the enactment of this Act, the Administrator of
8 the Small Business Administration shall issue guidance to
9 carry out the amendments made by this Act.
10 SEC. 3. REPORT ON INELIGIBLE DUPLICATE LOANS.
11 (a) REPORT TO CONGRESS.—Not later than 1 week
12 after the date of the enactment of this Act, and weekly
13 thereafter until the last day of the covered period (as de-
14 fined in section 7(a)(36)(A) of the Small Business Act (15
15 U.S.C. 636(a)(36)(A)), the Administrator of the Small
16 Business Administration shall submit to the Committees
17 on Banking, Housing, and Urban Affairs and Small Busi-
18 ness and Entrepreneurship of the Senate, and the Com-
19 mittees on Financial Services and Small Business of the
20 House of Representatives, a report on ineligible duplicate
21 loans (as described under section 7A(m) of the Small
22 Business Act, as added by this Act) that includes—
23 (1) the number of attempted applications for
24 such ineligible duplicate loans;
pbinns on DSKJLVW7X2PROD with BILLS •HR 2799 IH
VerDate Sep 11 2014 05:18 Jun 17, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2799.IH H2799
3
1 (2) the number of processed applications for
2 such ineligible duplicate loans;
3 (3) dollars disbursed for such ineligible dupli-
4 cate loans; and
5 (4) actions taken by the Administrator to—
6 (A) review potential disbursements for
7 such ineligible duplicate loans;
8 (B) recover improper disbursements for
9 such ineligible duplicate loans;
10 (C) strengthen technical systems to ensure
11 the detection of such ineligible duplicate loan
12 applications; and
13 (D) provide guidance to lenders on such
14 ineligible duplicate loan applications.
15 (b) PUBLICATION.—Not later than 7 days after the
16 date on which the Administrator submits a report required
17 under subsection (a), the Administrator shall publish such
18 report on a website of the Small Business Administration.
Æ
pbinns on DSKJLVW7X2PROD with BILLS •HR 2799 IH
VerDate Sep 11 2014 05:18 Jun 17, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2799.IH H2799
File and source
- File
- BILLS_bills-117hr2799ih_bills-117hr2799ih.pdf
- Size
- 231,102 bytes
- SHA-256
- 2ff0eed929091d5ca257476a2c2d875279327295ed09242b19485bb296b07d19
- Original
- www.govinfo.gov