Section 1 Short title
This Act may be cited as the “PPP Shell Company Discovery Act”.
PPP Shell Company Discovery Act
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.
Sec. 2 Collection and sharing of information for criminal investigations with respect to loans under the Paycheck Protection Program
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.
Creation of lists of loan recipients based on certain payroll tax information—
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.
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—
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
4.
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.
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.
Definitions— For purposes of this section—
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).
PPP loan recipient— The term “PPP loan recipient” means any person included on the list compiled by the Secretary under subsection (a).