A bill to appropriately limit forgiveness of loans under the paycheck protection program and to clarify that records in the possession, custody, or control of the Federal Government relating to borrowers and loans under the paycheck protection program are subject to disclosure in accordance with applicable law.
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.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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