I
119THCONGRESS
1
STSESSION 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
JANUARY9, 2025
Mr. T
IMMONSintroduced the following bill; which was referred to the Com-
mittee 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 jurisdic-
tion 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘PPP Shell Company 4
Discovery Act’’. 5
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SEC. 2. COLLECTION AND SHARING OF INFORMATION FOR 1
CRIMINAL INVESTIGATIONS WITH RESPECT 2
TO LOANS UNDER THE PAYCHECK PROTEC-3
TION PROGRAM. 4
(a) L
IST OFLOANRECIPIENTS.—The Secretary of 5
the Treasury or the Secretary’s delegate (hereafter in this 6
section referred to as ‘‘the Secretary’’), after consultation 7
with the Administrator of the Small Business Administra-8
tion, the Pandemic Response Accountability Committee, 9
and such other persons as the Secretary determines appro-10
priate, shall compile a list of the persons who received 11
PPP loans. Such list shall include the name, mailing ad-12
dress, and taxpayer identifying number (within the mean-13
ing of section 6109 of the Internal Revenue Code of 1986) 14
of, and aggregate amount of PPP loans received by, each 15
such person. The Secretary shall make all information in-16
cluded on such list available to officers and employees of 17
the Internal Revenue Service and the Department of Jus-18
tice. 19
(b) C
REATION OF LISTS OFLOANRECIPIENTS 20
B
ASED ONCERTAINPAYROLLTAXINFORMATION.— 21
(1) L
IST OF LOAN RECIPIENTS WITH NO FICA 22
TAX WITHHOLDING .—The Commissioner of Internal 23
Revenue shall create a list of PPP loan recipients 24
(including the information described in subsection 25
(a) with respect to each such recipient) which did 26
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not deduct and withhold any tax under section 3102 1
of the Internal Revenue Code of 1986 during cal-2
endar year 2019. 3
(2) L
IST OF LOAN RECIPIENTS WITH LARGE 4
PPP LOANS RELATIVE TO FICA WAGES .—The Com-5
missioner of Internal Revenue shall create a list of 6
PPP loan recipients (including the information de-7
scribed in subsection (a) with respect to each such 8
recipient) with respect to whom the aggregate 9
amount of PPP loans received by such person (as 10
reported on the list described in subsection (a)) 11
equals or exceeds the product of— 12
(A) the greatest amount of wages (as de-13
fined in section 3121(a) of the Internal Rev-14
enue Code of 1986) for any calendar month 15
during 2019 with respect to which tax was paid 16
by such person under section 3111 of such 17
Code, multiplied by 18
(B) 4. 19
(3) N
OTIFICATION OF LIST COMPLETION .—The 20
Commissioner of Internal Revenue shall notify the 21
Attorney General and the Secretary of the Treasury 22
when each list described in paragraphs (1) and (2) 23
has been completed. 24
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(4) AUTHORITY TO DISCLOSE LISTS FOR USE IN 1
CRIMINAL INVESTIGATIONS.—For authority and pro-2
cedure for disclosure of return information for use 3
in criminal investigations, see section 6103(i)(1) of 4
the Internal Revenue Code of 1986. 5
(c) D
EFINITIONS.—For purposes of this section— 6
(1) PPP
LOANS.—The term ‘‘PPP loan’’ means 7
a covered loan made under paragraph (36) or (37) 8
of section 7(a) of the Small Business Act (15 U.S.C. 9
636(a)) that was forgiven under such paragraph 10
(37) or section 7A of such Act (15 U.S.C. 636m). 11
(2) PPP
LOAN RECIPIENT.—The term ‘‘PPP 12
loan recipient’’ means any person included on the 13
list compiled by the Secretary under subsection (a). 14
Æ
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