H.R. 324 — PPP Shell Company Discovery Act

This section directs the Secretary of the Treasury, after consultation with the SBA Administrator, Pandemic Response Accountability Committee, and others as appropriate, to compile a list of Paycheck Protection Program (PPP) loan recipients—defined as forgiven covered loans under section 7(a)(36) or (37) of the Small Business Act (15 U.S.C. 636(a)) or section 7A of such Act (15 U.S.C. 636m)—including each recipient's name, mailing address, taxpayer identifying number, and aggregate PPP loan amount, and to make the list available to IRS and Department of Justice personnel. It further requires the IRS Commissioner to create two lists of such recipients (including the information above): (1) those that did not withhold FICA taxes under IRC §3102 during 2019, and (2) those whose aggregate PPP loans equal or exceed the product of their highest monthly 2019 wages subject to FICA taxes under IRC §3111 multiplied by 4. The Commissioner must notify the Attorney General and Treasury Secretary upon completing each list, with disclosures authorized for criminal investigations under IRC §6103(i)(1).