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Returning Unused COVID Loans: New Rules for Businesses and Banks

This act introduces new rules for returning unused funds from Paycheck Protection Program (PPP) loans, issued during the COVID-19 pandemic. The goal is to recover taxpayer money and prevent fraud. Businesses and banks will receive clear instructions on how to properly return these funds.
Key points
Businesses that received PPP loans will get detailed instructions on how to return unused funds to lenders.
Lenders must accept returns, document them, and remit the money to the government.
Banks will also be required to report suspicions of fraud related to PPP loans.
The Small Business Administration (SBA) will establish a process to track returned funds to protect taxpayer money.
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Expired
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Additional Information
Print number: 118_HR_4667
Sponsor: Rep. Salazar, Maria Elvira [R-FL-27]
Process start date: 2023-07-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

RECLAIM Taxpayer Funds Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4667.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-17.

What are the main provisions?

Key points include:

  • Businesses that received PPP loans will get detailed instructions on how to return unused funds to lenders.
  • Lenders must accept returns, document them, and remit the money to the government.
  • Banks will also be required to report suspicions of fraud related to PPP loans.
  • The Small Business Administration (SBA) will establish a process to track returned funds to protect taxpayer money.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Salazar, Maria Elvira [R-FL-27].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: 11/28/2023 CR H5911)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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