H.R. 324: PPP Shell Company Discovery Act
Latest action, January 9, 2025: Introduced in House
Official summary
PPP Shell Company Discovery Act 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.