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Paycheck Protection Program Integrity Act of 2020

USA116th CongressS-4489| Senate 
| Updated: 8/6/2020
Ron Johnson

Ron Johnson

Republican Senator

Wisconsin

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Paycheck Protection Program Integrity Act of 2020 This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill reduces the amount of loan forgiveness by (1) the amount of a recipient's after-tax income, or (2) the increase in net assets if the recipient is a nonprofit organization. A recipient seeking loan forgiveness must submit documentation verifying after-tax income and net assets to determine any paycheck protection loan repayment. Further, the bill requires the disclosure of paycheck protection loan information in accordance with applicable laws.
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Timeline
Aug 6, 2020
Introduced in Senate
Aug 6, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • August 6, 2020
    Introduced in Senate


  • August 6, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Business expensesBusiness recordsCardiovascular and respiratory healthEmergency medical services and trauma careGovernment information and archivesGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessSocial work, volunteer service, charitable organizationsTax administration and collection, taxpayersWages and earnings

Paycheck Protection Program Integrity Act of 2020

USA116th CongressS-4489| Senate 
| Updated: 8/6/2020
Paycheck Protection Program Integrity Act of 2020 This bill modifies loan forgiveness under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill reduces the amount of loan forgiveness by (1) the amount of a recipient's after-tax income, or (2) the increase in net assets if the recipient is a nonprofit organization. A recipient seeking loan forgiveness must submit documentation verifying after-tax income and net assets to determine any paycheck protection loan repayment. Further, the bill requires the disclosure of paycheck protection loan information in accordance with applicable laws.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Aug 6, 2020
Introduced in Senate
Aug 6, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • August 6, 2020
    Introduced in Senate


  • August 6, 2020
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Ron Johnson

Ron Johnson

Republican Senator

Wisconsin

Small Business and Entrepreneurship Committee

Commerce

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business expensesBusiness recordsCardiovascular and respiratory healthEmergency medical services and trauma careGovernment information and archivesGovernment lending and loan guaranteesInfectious and parasitic diseasesSmall businessSocial work, volunteer service, charitable organizationsTax administration and collection, taxpayersWages and earnings