What This Bill Does
This bill allows the Treasury Department and the Internal Revenue Service to collect and share information about people who received Paycheck Protection Program loans (emergency business loans given during the pandemic) with law enforcement. The information shared includes names, addresses, tax identification numbers, and loan amounts. The bill creates specific lists of loan recipients who may have used the loans improperly to help criminal investigations.
Who It Affects
- People and businesses that received Paycheck Protection Program loans
- The Treasury Department and Internal Revenue Service
- The Department of Justice (law enforcement)
- The Small Business Administration
- The Pandemic Response Accountability Committee
Key Provisions
- The Treasury Department must compile a complete list of all Paycheck Protection Program loan recipients with their names, addresses, tax identification numbers, and total loan amounts, then share this list with the Internal Revenue Service and Department of Justice (Sec. 2(a))
- The Internal Revenue Service must create a list of loan recipients who did not deduct and withhold any payroll taxes during calendar year 2019 (Sec. 2(b)(1))
- The Internal Revenue Service must create a list of loan recipients whose total Paycheck Protection Program loans equal or exceed four times their highest monthly wages from 2019 (Sec. 2(b)(2))
- The Internal Revenue Service must notify the Attorney General and Treasury Secretary when each list is completed (Sec. 2(b)(3))
What Changes
If this bill becomes law, the Treasury Department and Internal Revenue Service can legally share Paycheck Protection Program recipient information with law enforcement for criminal investigations. This sharing was not previously authorized by this specific bill.
Important Definitions
- **PPP loan**: A covered business loan made under the Small Business Act that was forgiven (the borrower did not have to repay it) (Sec. 2(c)(1))
- **PPP loan recipient**: Any person whose name appears on the Treasury Department's list of Paycheck Protection Program loan recipients (Sec. 2(c)(2))
Effective Date
Not specified in bill text
I
118TH CONGRESS
1ST SESSION H. R. 1476
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
MARCH 8, 2023
Mr. TIMMONS introduced 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,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘PPP Shell Company
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Discovery Act’’.
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•HR 1476 IH
SEC. 2. COLLECTION AND SHARING OF INFORMATION FOR
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CRIMINAL INVESTIGATIONS WITH RESPECT
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TO LOANS UNDER THE PAYCHECK PROTEC-
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TION PROGRAM.
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(a) LIST OF LOAN RECIPIENTS.—The Secretary of
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the Treasury or the Secretary’s delegate (hereafter in this
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section referred to as ‘‘the Secretary’’), after consultation
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with the Administrator of the Small Business Administra-
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tion, the Pandemic Response Accountability Committee,
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and such other persons as the Secretary determines appro-
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priate, shall compile a list of the persons who received
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PPP loans. Such list shall include the name, mailing ad-
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dress, and taxpayer identifying number (within the mean-
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ing of section 6109 of the Internal Revenue Code of 1986)
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of, and aggregate amount of PPP loans received by, each
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such person. The Secretary shall make all information in-
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cluded on such list available to officers and employees of
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the Internal Revenue Service and the Department of Jus-
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tice.
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(b) CREATION
OF LISTS
OF LOAN RECIPIENTS
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BASED ON CERTAIN PAYROLL TAX INFORMATION.—
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(1) LIST OF LOAN RECIPIENTS WITH NO FICA
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TAX WITHHOLDING.—The Commissioner of Internal
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Revenue shall create a list of PPP loan recipients
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(including the information described in subsection
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(a) with respect to each such recipient) which did
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•HR 1476 IH
not deduct and withhold any tax under section 3102
1
of the Internal Revenue Code of 1986 during cal-
2
endar year 2019.
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(2) LIST OF LOAN RECIPIENTS WITH LARGE
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PPP LOANS RELATIVE TO FICA WAGES.—The Com-
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missioner of Internal Revenue shall create a list of
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PPP loan recipients (including the information de-
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scribed in subsection (a) with respect to each such
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recipient) with respect to whom the aggregate
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amount of PPP loans received by such person (as
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reported on the list described in subsection (a))
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equals or exceeds the product of—
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(A) the greatest amount of wages (as de-
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fined in section 3121(a) of the Internal Rev-
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enue Code of 1986) for any calendar month
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during 2019 with respect to which tax was paid
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by such person under section 3111 of such
17
Code, multiplied by
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(B) 4.
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(3) NOTIFICATION OF LIST COMPLETION.—The
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Commissioner of Internal Revenue shall notify the
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Attorney General and the Secretary of the Treasury
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when each list described in paragraphs (1) and (2)
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has been completed.
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•HR 1476 IH
(4) AUTHORITY TO DISCLOSE LISTS FOR USE IN
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CRIMINAL INVESTIGATIONS.—For authority and pro-
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cedure for disclosure of return information for use
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in criminal investigations, see section 6103(i)(1) of
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the Internal Revenue Code of 1986.
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(c) DEFINITIONS.—For purposes of this section—
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(1) PPP LOANS.—The term ‘‘PPP loan’’ means
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a covered loan made under paragraph (36) or (37)
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of section 7(a) of the Small Business Act (15 U.S.C.
9
636(a)) that was forgiven under such paragraph
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(37) or section 7A of such Act (15 U.S.C. 636m).
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(2) PPP LOAN RECIPIENT.—The term ‘‘PPP
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loan recipient’’ means any person included on the
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list compiled by the Secretary under subsection (a).
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Æ
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