PPP Shell Company Discovery Act

This legislation aims to enhance criminal investigations into fraudulent activities related to the Paycheck Protection Program (PPP) loans. It mandates the Secretary of the Treasury to compile a comprehensive list of all PPP loan recipients, including their names, addresses, taxpayer identification numbers, and the aggregate amount of loans received. This information must be shared with the Internal Revenue Service (IRS) and the Department of Justice (DOJ) to aid in their investigative efforts. The bill further directs the Commissioner of Internal Revenue to create two specialized lists of PPP loan recipients for targeted scrutiny. One list will identify recipients who reported no FICA tax withholding in 2019, while the second will highlight recipients whose aggregate PPP loan amounts were disproportionately large compared to their 2019 FICA wages, specifically four times the greatest monthly FICA wages. The Attorney General and Treasury Secretary will be notified upon completion of these lists, with existing legal frameworks governing the disclosure of tax return information for criminal investigations applying.