Bill · H.R. 324· House(119-HR-324)
PPP Shell Company Discovery Act
- Introduced
- 1/9/2025
- Last activity
- 1/9/2025 — Referred to the Committee 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 jurisdiction of the committee concerned.
- Sponsored by
- William Timmons
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "PPP Shell Company Discovery Act," aims to facilitate criminal investigations regarding Paycheck Protection Program loans. It directs the Secretary of the Treasury to compile a list of all people who received these loans, including their names, addresses, taxpayer ID numbers, and the total loan amounts. The Secretary must make this information available to the IRS and the Department of Justice. Additionally, the Commissioner of Internal Revenue is tasked with creating specific lists of recipients who had no FICA tax withholding in 2019 or whose loans were significantly large compared to their 2019 wages. These specific lists are intended to assist in criminal investigations.
Yes
Does this make what the government does easier for the public to see?+4
The bill increases government oversight and information sharing regarding the distribution of public funds.
Does this give people more protection from unfair business practices?+3
The bill enhances oversight to identify potential fraudulent use of pandemic relief funds.
Does this change how police departments operate?+2
The bill facilitates criminal investigations by providing specific data to the Department of Justice.
The opposite
Does this protect people from being watched or searched?-6
The bill requires the mandatory disclosure of private taxpayer identification numbers and mailing addresses to federal agencies.
Would business owners be better off under this?-4
Business owners receiving PPP loans face increased scrutiny of their private tax and payroll information.
Who it would affect, and how
Potential Positive Impacts for People
-
Criminal Investigations: The bill provides for the collection and sharing of information, including tax return information, specifically for purposes of criminal investigations with respect to loans under the Paycheck Protection Program (Section 2).
-
Information Sharing for Oversight: The Secretary of the Treasury is required to make information regarding loan recipients, including names and taxpayer ID numbers, available to the Internal Revenue Service and the Department of Justice (Section 2(a)).
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Targeted Lists for Investigation: The Commissioner of Internal Revenue will create lists of loan recipients who did not deduct and withhold certain taxes in 2019 or who received loans that are large relative to their 2019 wages (Section 2(b)).
Potential Negative Impacts for People
-
Disclosure of Private Information: The Secretary of the Treasury is required to compile and share a list containing names, mailing addresses, and taxpayer identifying numbers of those who received PPP loans (Section 2(a)).
-
Use of Tax Return Information: The bill involves the disclosure of return information for use in criminal investigations (Section 2(b)(4)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners-4
- Economy And Finance
- Improves Consumer Protection+3
- Governance And Ideology
- Improves Government Transparency+4Improves Privacy Rights-6
- Social Issues And Justice
- Improves Policing Reform+2
- 1/9/2025
- Referred to the Committee 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 jurisdiction of the committee concerned.
- Introduced in House