PPP Shell Company Discovery Act Proposed

During COVID-19, the federal government provided nearly $1.2 trillion in assistance to small businesses and their employees. But the government estimates  that there were potentially $5.4 billion in fraudulent pandemic loans (PPP loans and EIDLs). A bill (H.R. 1476) entitled the PPP Shell Company Discovery Act would create a report of PPP loan recipients who had no tax withholding in 2019 and received loans four times greater than their highest payroll amount during calendar year 2019. These discrepancies would help identify potential fraudulent loans for the Department of Justice (DOJ) to investigate and prosecute. #IdeaoftheDay