Encouraging Public Offerings Act of 2020 This bill allows an issuer of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., test the waters ). Under current law, only emerging growth companies may engage in such communications. The bill also allows an issuer to submit a confidential draft registration statement to the Securities and Exchange Commission for review prior to public filing or within one year after the initial public offering or registration.