RECLAIM Taxpayer Funds Act

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.

Bill 118 hr 4667, also known as the RECLAIM Taxpayer Funds Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to ensure that taxpayer funds are being used efficiently and effectively by government agencies.

The bill includes provisions that require federal agencies to regularly review and report on their spending to identify any wasteful or unnecessary expenditures. It also establishes a process for taxpayers to report instances of government waste or abuse, and requires agencies to investigate and address these reports in a timely manner.

Additionally, the RECLAIM Taxpayer Funds Act aims to increase transparency and accountability in government spending by requiring agencies to make their budgets and spending data easily accessible to the public. This will allow taxpayers to see how their money is being used and hold government officials accountable for their spending decisions. Overall, the RECLAIM Taxpayer Funds Act is designed to promote responsible stewardship of taxpayer funds and ensure that government agencies are using public money in a responsible and efficient manner.