# Plain Language Summary: No Duplicate PPP Loans Act of 2021

During the COVID-19 pandemic, the government handed out Paycheck Protection Program (PPP) loans to help small businesses keep their workers employed. Unfortunately, some people tried to cheat the system by applying for multiple loans when they were only supposed to get one. This bill is designed to crack down on that fraud by making it clear that anyone who knowingly lies to get a duplicate PPP loan has to pay the money back.

The bill adds a specific rule stating that if a borrower intentionally submits false information to get a PPP loan they're not eligible for, they must repay whatever money they received. It also requires the Small Business Administration (the government agency that runs the program) to issue clear guidance to lenders within 10 days explaining how to identify and reject these duplicate loan applications. This helps ensure that lenders know exactly what they're looking for and how to stop fraudulent applications before money gets disbursed.

To track how big the problem actually is, the bill requires the Small Business Administration to submit weekly reports to Congress detailing how many people tried to get duplicate loans, how many actually succeeded, how much money was improperly handed out, and what steps the agency is taking to recover that money and prevent future fraud. These reports get published on the Small Business Administration's website so the public can see what's happening. Essentially, this bill closes a loophole that allowed some business owners to game the system and ensures there's accountability and transparency around duplicate loan attempts.

No Duplicate PPP Loans Act of 2021

Perry, Scott

No Duplicate PPP Loans Act of 2021 This bill requires a borrower that knowingly and willfully submits false information in order to obtain a loan under the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), to repay any amount received. The Small Business Administration must submit a report on any such loans that includes the number of attempted and processed applications for such loans and actions taken to recover improper disbursements.