PPP Shell Company Discovery Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 324 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 324

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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Shell Company Discovery Act''.

SEC. 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).
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