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.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
Committee Consideration and Mark-up Session Held
Ordered to be Reported by the Yeas and Nays: 26 - 0.
Reported by the Committee on Small Business. H. Rept. 118-184.
Reported by the Committee on Small Business. H. Rept. 118-184.
Placed on the Union Calendar, Calendar No. 147.
Mr. Williams (TX) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5911-5913)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4667.
At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Williams (TX) objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was considered as withdrawn.
Considered as unfinished business. (consideration: CR H6029)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 11/28/2023 CR H5911)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 11/28/2023 CR H5911)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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