Bill Tracker / 119th Congress / H.R. 324
H.R. 324 · 119th Congress
PPP Shell Company Discovery Act
Latest action: 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. — 01/09/2025
What This Bill Does
PPP Shell Company Discovery Act
This bill requires the Internal Revenue Service (IRS) to compile a list of Paycheck Protection Program (PPP) loan recipients whose loans were forgiven under the program.
Additionally, the IRS must compile (1) a list of such loan recipients who did not withhold payroll taxes in 2019, and (2) a list of loan such recipients for which the aggregate amount of PPP loans exceeded four times the greatest amount of wages paid by the recipient during a calendar month in 2019.
The IRS must notify the Department of Justice when the lists are complete.
Summary as of 01/09/2025, via Congress.gov / Congressional Research Service.