PPP Shell Company Discovery Act

HR 324, the PPP Shell Company Discovery Act, requires the Treasury Secretary to compile a list of all PPP loan recipients with their names, addresses, tax IDs, and loan amounts, making this information available to the IRS and Department of Justice. It also mandates the IRS to create two specialized lists: one for recipients who didn’t withhold payroll taxes in 2019, and another for recipients who received loans significantly larger than their reported payroll wages. These lists are intended to aid criminal investigations into potential fraud related to PPP loans. The bill directly affects businesses that received PPP loans, particularly those with suspicious payroll tax filings or unusually high loan amounts relative to their payroll.