H.R. 324

119 HR 324 IH: PPP Shell Company Discovery Act
 U.S. House of Representatives
 2025-01-09
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 324  IN THE HOUSE OF REPRESENTATIVES   January 9, 2025   Mr. Timmons  introduced the following bill; which was referred to the  Committee on Ways and Means , and in addition to the Committee on  Small Business , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned   A BILL
To provide for the collection and sharing of information, including tax return information, for purposes of criminal investigations with respect to loans under the Paycheck Protection Program.
1.
Short title
This Act may be cited as the   PPP Shell Company Discovery Act  .
2.
Collection and sharing of information for criminal investigations with respect to loans under the Paycheck Protection Program
(a)
List of loan recipients
The Secretary of the Treasury or the Secretary’s delegate (hereafter in this section referred to as  the Secretary ), after consultation with the Administrator of the Small Business Administration, the Pandemic Response Accountability Committee, and such other persons as the Secretary determines appropriate, shall compile a list of the persons who received PPP loans. Such list shall include the name, mailing address, and taxpayer identifying number (within the meaning of  section 6109  of the Internal Revenue Code of 1986) of, and aggregate amount of PPP loans received by, each such person. The Secretary shall make all information included on such list available to officers and employees of the Internal Revenue Service and the Department of Justice.
(b)
Creation of lists of loan recipients based on certain payroll tax information
(1)
List of loan recipients with no FICA tax withholding
The Commissioner of Internal Revenue shall create a list of PPP loan recipients (including the information described in subsection (a) with respect to each such recipient) which did not deduct and withhold any tax under  section 3102  of the Internal Revenue Code of 1986 during calendar year 2019.
(2)
List of loan recipients with large PPP loans relative to FICA wages
The Commissioner of Internal Revenue shall create a list of PPP loan recipients (including the information described in subsection (a) with respect to each such recipient) with respect to whom the aggregate amount of PPP loans received by such person (as reported on the list described in subsection (a)) equals or exceeds the product of—
(A)
the greatest amount of wages (as defined in  section 3121(a)  of the Internal Revenue Code of 1986) for any calendar month during 2019 with respect to which tax was paid by such person under section 3111 of such Code, multiplied by
(B)
4.
(3)
Notification of list completion
The Commissioner of Internal Revenue shall notify the Attorney General and the Secretary of the Treasury when each list described in paragraphs (1) and (2) has been completed.
(4)
Authority to disclose lists for use in criminal investigations
For authority and procedure for disclosure of return information for use in criminal investigations, see  section 6103(i)(1)  of the Internal Revenue Code of 1986.
(c)
Definitions
For purposes of this section—
(1)
PPP loans
The term  PPP loan  means a covered loan made under paragraph (36) or (37) of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) that was forgiven under such paragraph (37) or section 7A of such Act ( 15 U.S.C. 636m ).
(2)
PPP loan recipient
The term  PPP loan recipient  means any person included on the list compiled by the Secretary under subsection (a).