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Paycheck Protection Program Integrity Act of 2020

Introduced: August 6, 2020 Introduced by: Johnson, Ron Republican · Wisconsin See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 6, 2020
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Aug 6, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now August 6, 2020

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 1