PPP Shell Company Discovery Act

House Votes

This bill is meant to help catch fraud in pandemic small‑business loans. It tells the Treasury Department to make a master list of everyone who got a Paycheck Protection Program (PPP) loan, including names, addresses, taxpayer ID numbers, and total loan amounts, and to share that information with the IRS and the Justice Department for criminal investigations. It also lets certain tax information be shared with investigators when needed for a criminal case.

The IRS must create special lists to flag possible fraud: one list of PPP recipients who did not withhold any payroll taxes in 2019, and another list of recipients whose PPP loans were unusually large compared to their payroll—specifically, loans at least four times their highest monthly wages paid in 2019. The IRS must let the Justice Department and Treasury know when these lists are finished .

• Who is affected: Businesses and people whose PPP loans were forgiven under the program.
• What changes: The government will compile and share detailed PPP loan and tax‑related info to spot red flags, like no 2019 payroll tax withholding or loans far larger than 2019 payroll .
• What happens next: The IRS notifies the Justice Department and Treasury when the lists are ready so investigators can follow up on possible fraud .