Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-324119th CongressWALLET
PPP Shell Company Discovery Act
Sponsored By: Representative Timmons, William R. [R-SC-4]
Introduced
Summary
Creates federal lists of forgiven Paycheck Protection Program (PPP) loan recipients and shares them with law enforcement for criminal probes. The bill would require Treasury and the IRS to identify forgiven PPP borrowers and send that information to the Department of Justice.
Show full summary
- For PPP loan recipients: It would collect each recipient's name, mailing address, taxpayer identifying number, and the total amount of PPP loans forgiven.
- For federal agencies and investigators: The IRS would also make two targeted lists: borrowers who did not withhold payroll taxes in 2019 and borrowers whose aggregate PPP loans were at least four times their largest monthly 2019 payroll. The IRS would notify the Attorney General and the Treasury Secretary when these lists are complete.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New PPP fraud-check lists for businesses
This bill would require Treasury to compile a list of everyone who got a forgiven PPP loan. The list would show name, mailing address, taxpayer ID number, and total PPP loan amount. Treasury would consult the Small Business Administration and the Pandemic Response Accountability Committee, and share the list with the IRS and the Justice Department. The IRS would then make two sublists. One would flag recipients whose total PPP loans were at least four times their biggest monthly 2019 wages when employer Social Security tax was paid. The other would flag recipients who did not withhold any employee Social Security tax in 2019. The IRS would notify the Attorney General and Treasury when each list is complete, and any use for criminal cases would follow tax‑law rules.
Sponsors & CoSponsors
Sponsor
Timmons, William R. [R-SC-4]
SC • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov