legislation: 116-s-4489

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-s-4489 116 s 4489 Paycheck Protection Program Integrity Act of 2020 Commerce 2020-08-06 2020-08-06 Read twice and referred to the Committee on Small Business and Entrepreneurship. Senate Sen. Johnson, Ron [R-WI] WI R J000293 0 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. 2023-01-11T13:45:18Z  

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