Multilateral Aid Review Act of 2020 This bill establishes a U.S. Multilateral Aid Review to assess U.S. government investments in multilateral entities. The President shall establish a U.S. Multilateral Aid Review Task Force, which shall report to Congress the review's findings. The task force shall establish and report the methodology for the reviews, which shall include assessments of (1) the relationship between such multilateral entities' stated goals and actual results, (2) the management practices and transparency of the entities, (3) the alignment between an entity's policies and practices with U.S. foreign policy objectives, and (4) whether U.S. goals may be better served by pursing a bilateral approach. The bill establishes a U.S. Multilateral Aid Review Peer Review Group, which shall review the reports and provide feedback to the task force and to Congress.