,,ib ,union ,calendar ,no4 #adg #aahth ,,congress #ast ,session ,h4 ,r4 #dffg ,report ,no4 #aah-ahd ,,in ,,the ,,house ,,of ,,representatives ,july #ag1 #bjbc,ms4 ,salazar 7for herself and ,mr4 ,mc,garvey7 introduced the following bill2 which was referred to the ,committee on ,small ,business ,september #a1 #bjbc;,additional sponsor3 ,mr4 ,la,lota ,september #a1 #bjbc,reported from the ,committee on ,small ,business2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic ,a ,,bill ,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 borrowers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,returning ,erroneous ,,covid ,loans ,addressing ,illegal and ,misappropriated ,taxpayer ,funds ,act or the ,,reclaim ,taxpayer ,funds ,act4 #b4 ,paycheck ,protection ,loan return guidance 7a7 ,in general ,not later than #cj days after the date of the enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall issue guidance for borrowers and lenders on returning any unused amounts of ,,ppp loans made to the borrower4 7b7 ,guidance requirements ,the guidance required by subsection 7a7 shall include-- 7#a7 detailed guidance for borrowers on how to return to the lender that made a ,,ppp loan to the borrower the unused amounts of such ,,ppp loan2 7#b7 detailed guidance for lenders regarding the responsibilities of lenders1 including that a lender must-- 7,a7 accept the return of any unused amounts of any ,,ppp loan from a borrower or any other source 7including law enforcement7 if the lender made such ,,ppp loan2 7,b7 document the reason for the return of such unused amounts1 the identification number of the ,,ppp loan1 the name of the borrower of the ,,ppp loan1 and the name of the person returning such unused amounts if different than the borrower2 7,c7 remit such unused amounts to the ,administration2 7,d7 make the guidance described in paragraph 7#a7 available to borrowers described in such paragraph2 and 7,e7 if the lender made a ,,ppp loan1 periodically certify that the lender has reported and returned to the ,administration all unused amounts of ,,ppp loans returned to the lender2 7#c7 detailed guidance for financial institutions holding funds from a ,,ppp loan on the procedure for returning such funds to the ,administration if the financial institution suspects the borrower may be committing fraud with respect to the ,,ppp loan or any other issue for which the financial institution should return the funds the ,administration2 and 7#d7 detailed guidance for borrowers and lenders of ,,ppp loans1 financial institutions described in paragraph 7#c71 and other relevant individuals and entities on complying with the requirement to report to the ,office of the ,inspector ,general for the ,small ,business ,administration any information indicating the occurrence of fraud with respect to a ,,ppp loan4 #c4 ,returns handling process 7a7 ,in general ,not later than #cj days after the date of the enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall issue guidance establishing a process for the ,small ,business ,administration to track amounts of ,,ppp loans returned to mitigate the risk of financial loss to the ,federal ,government4 7b7 ,returns handling process requirements ,the process established under subsection 7a7 shall require-- 7#a7 the ,administration to accept returns of unused amounts of ,,ppp loans2 and 7#b7 the ,administrator to deposit in the general fund of the ,treasury the unused amounts of ,,ppp loans returned to the ,administration4 #d4 ,definitions ,in this ,act3 7#a7 ,administration ,the term ,administration means the ,small ,business ,administration4 7#b7 ,administrator ,the term ,administrator means the ,administration of the ,small ,business ,administration4 7#c7 ,,ppp loan ,the term ,,ppp loan means a loan made under paragraph 7#cf7 or 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a774 #e4 ,compliance with ,,cutgo ,no additional amounts are authorized to be appropriated to carry out this ,act4 ,such ,act shall be carried out using amounts otherwise appropriated to the ,administrator of the ,small ,business ,administration4 ,september #a1 #bjbc ,committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed