HR 324In committeeCommercehouse

PPP Shell Company Discovery Act

Introduced Jan 9, 2025 by Rep. William R. Timmons

IntroducedCommitteeFloorCongressLaw

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Latest action · Jan 9, 2025

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.

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What it does

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 by the Congressional Research Service.

Roll-call votes

No floor votes yet — it hasn't reached the floor of either chamber.