Bill > HR324

This bill, known as the "PPP Shell Company Discovery Act," aims to facilitate criminal investigations related to Paycheck Protection Program (PPP) loans by establishing a comprehensive information-sharing mechanism between government agencies. The bill requires the Secretary of the Treasury, in consultation with other agencies, to compile a detailed list of PPP loan recipients, including their names, addresses, taxpayer identification numbers, and total loan amounts. The Internal Revenue Service will create two specific lists: one identifying loan recipients who did not withhold FICA (Federal Insurance Contributions Act) taxes in 2019, and another identifying recipients whose PPP loans are disproportionately large compared to their payroll wages. These lists will be made available to the Department of Justice for potential criminal investigations. A PPP loan, as defined in the bill, is a specific type of small business loan made during the COVID-19 pandemic that was subsequently forgiven. The bill provides a legal framework for sharing tax return information with law enforcement agencies to help detect potential fraud or misuse of pandemic-related financial assistance programs.