Timmons Introduces Legislation to Catch PPP Loan Fraudsters
To crack down on criminals who defrauded the Paycheck Protection Program (PPP), Congressman William Timmons (SC-04) introduced H.R. 1476, the PPP Shell Company Discovery Act. H.R. 1476 will create a report of PPP loan recipients who 1) had no tax withholdings in calendar year 2019 and 2) received loans four times greater than their highest payroll amount during calendar year 2019. These…