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
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Introduced in Senate
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.
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