Preheat oven to 400 degrees F. In a large skillet cook ground meat over medium heat until brown. Drain off fat. Stir in tomato sauce, mushrooms, and, if desired, olives; heat through. Transfer mixture to an ungreased 2-quart baking dish. Sprinkle with 1 cup of the cheese.
Flatten each biscuit slightly with your hands. Arrange the biscuits on top of meat mixture. Sprinkle with the remaining 1/2 cup cheese and, if desired, basil.
Bake, uncovered, for 15 to 17 minutes or until mixture is heated through and biscuits are golden.