S. 4489 · 116th Congress
Paycheck Protection Program Integrity Act of 2020
- Stage
- In committee
- Sponsor
- Ron Johnson
- Introduced
- 2020-08-06
- Latest action
- 2020-08-06 · Introduced in Senate
Summary
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.