Bill > HR1476

This bill, the "PPP Shell Company Discovery Act", aims to provide for the collection and sharing of information, including tax return information, for the purposes of criminal investigations related to loans under the Paycheck Protection Program (PPP). It requires the Secretary of the Treasury, in consultation with relevant agencies, to compile a list of PPP loan recipients, including their names, addresses, and taxpayer identification numbers, and make this information available to the Internal Revenue Service and Department of Justice. The bill also directs the IRS Commissioner to create two additional lists: one of PPP loan recipients who did not withhold any FICA taxes in 2019, and another of recipients whose PPP loans significantly exceeded their 2019 FICA wage amounts. These lists can then be used for criminal investigations, as authorized under the Internal Revenue Code.