3.0.0 4489 2023-01-11T13:45:18Z 2023-01-11T13:45:18Z Senate S 2020-08-06 116 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2020-08-06T19:18:05Z 2020-08-06 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2020-08-06 Introduced in Senate IntroReferral 10000 9 Library of Congress J000293 Sen. Johnson, Ron [R-WI] Ron Johnson R WI N Commerce Business expenses Business records Cardiovascular and respiratory health Emergency medical services and trauma care Government information and archives Government lending and loan guarantees Infectious and parasitic diseases Small business Social work, volunteer service, charitable organizations Tax administration and collection, taxpayers Wages and earnings Commerce 00 2020-08-06 Introduced in Senate 2020-09-09T12:00:18Z 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.

]]> Paycheck Protection Program Integrity Act of 2020 Display Title Paycheck Protection Program Integrity Act of 2020 Short Title(s) as Introduced Paycheck Protection Program Integrity Act of 2020 Introduced in Senate IS Official Title as Introduced 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. Introduced in Senate IS Introduced in Senate 2020-08-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4489is/xml/BILLS-116s4489is.xml 2020-08-06 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.