Paycheck Protection Program Integrity Act of 2020 2020-08-06 Introduced in Senate 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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