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[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4489 Introduced in Senate (IS)]

<DOC>

116th CONGRESS
  2d Session
                                S. 4489

    To appropriately limit forgiveness of loans under the paycheck 
   protection program and to clarify that records in the possession, 
custody, or control of the Federal Government relating to borrowers and 
 loans under the paycheck protection program are subject to disclosure 
                   in accordance with applicable law.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             August 6, 2020

  Mr. Johnson introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL

 
    To appropriately limit forgiveness of loans under the paycheck 
   protection program and to clarify that records in the possession, 
custody, or control of the Federal Government relating to borrowers and 
 loans under the paycheck protection program are subject to disclosure 
                   in accordance with applicable law.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Paycheck Protection Program 
Integrity Act of 2020''.

SEC. 2. FORGIVENESS AND DISCLOSURE.

    (a) Reduction of Forgiveness Based on After-Tax Income and 
Increases in Net Assets.--
            (1) In general.--Section 1106(d) of the CARES Act (15 
        U.S.C. 9005(d)) is amended--
                    (A) by redesignating paragraph (8) as paragraph 
                (10); and
                    (B) by inserting after paragraph (7) the following:
            ``(8) Reduction relating to after-tax income.--The amount 
        of loan forgiveness under this section shall be reduced by the 
        amount of after-tax income of the eligible recipient for the 
        first taxable year ending after the date of issuance of the 
        covered loan, up to the amount of the covered loan amount.
            ``(9) Reduction relating to increase in net assets of 
        nonprofit organizations.--For an eligible recipient that is a 
        nonprofit organization, the amount of loan forgiveness under 
        this section shall be reduced by the amount of the increase, if 
        any, in the net assets of the eligible recipient during the 1-
        year period beginning on the date of issuance of the covered 
        loan, up to the amount of the covered loan amount.''.
            (2) Documentation.--Section 1106(e) of the CARES Act (15 
        U.S.C. 9005(e)) is amended--
                    (A) in paragraph (3), by striking ``and'' at the 
                end;
                    (B) by redesignating paragraph (4) as paragraph 
                (5); and
                    (C) by inserting after paragraph (3) the following:
            ``(4) documentation verifying after-tax income and net 
        assets for purposes of paragraphs (8) and (9) of subsection 
        (d), including tax filings reported to the Internal Revenue 
        Service; and''.
            (3) Application.--The amendments made by paragraphs (1) and 
        (2) shall apply to any loan made under section 7(a)(36) of the 
        Small Business Act (15 U.S.C. 636(a)(36)) on or after the date 
        of enactment of this Act.
    (b) Disclosure of Information.--Section 7(a)(36) of the Small 
Business Act (15 U.S.C. 636(a)(36)) is amended by adding at the end the 
following:
                    ``(T) Disclosure of information.--Nothing in this 
                paragraph shall be construed to limit or modify the 
                duty or authority to disclose a record in the 
                possession, custody, or control of the Federal 
                Government that relates to an eligible recipient that 
                receives a covered loan or to such covered loan 
                (without regard to the amount of the covered loan, the 
                number of employees of the eligible recipient, or other 
                factors)--
                            ``(i) to the public in accordance with 
                        section 552 of title 5, United States Code 
                        (commonly known as the ``Freedom of Information 
                        Act'');
                            ``(ii) to the Commissioner of Internal 
                        Revenue, the inspector general of an agency, 
                        the Pandemic Recovery Accountability Committee, 
                        a committee or member of Congress, or another 
                        officer or employee of the Federal Government 
                        in accordance with applicable law; or
                            ``(iii) to another person or entity in 
                        accordance with applicable law.''.
                                 <all>
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