H.R. 4667 · 118th Congress
RECLAIM Taxpayer Funds Act
- Stage
- Passed a chamber
- Sponsor
- Maria Salazar
- Introduced
- 2023-07-17
- Latest action
- 2023-12-04 · Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Summary
Returning Erroneous COVID Loans Addressing Illegal and Misappropriated Taxpayer Funds Act or the RECLAIM Taxpayer Funds Act
This bill requires the Small Business Administration (SBA) to issue guidance for borrowers and lenders about returning any unused Paycheck Protection Program (PPP) loan amounts made to the borrower. The SBA must track the amounts of PPP loans returned to mitigate the risk of financial loss.
The guidance must be issued not later than 30 days after the bill is enacted.