,,ii  #aafth ,,congress  #b;d ,session  
,s4 #ddhi  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,august #f1    
#bjbj,mr4 ,johnson introduced the       
following bill2 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 possession1 custody1 or  
control of the ,federal ,government     
relating to borrowers and loans under   
the paycheck protection program are     
subject to disclosure in accordance with
 applicable law4  #a4 ,short title ,this
 ,act may be cited as the ,paycheck     
,protection ,program ,integrity ,act of 
#bjbj4  #b4 ,forgiveness and disclosure 
7a7 ,reduction of forgiveness based on  
after-,tax income and increases in net  
assets  7#a7 ,in general ,section       
#aajf7;d7 of the ,,cares ,act 7#ae      
,u4,s4,c4 #ijje7;d77 is amended-- 7,a7  
by redesignating paragraph 7#h7 as      

paragraph 7#aj72 and  7,b7 by inserting 
after paragraph 7#g7 the following3     
7#h7 ,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 loan1 up to the amount of
 the covered loan amount4  7#i7         
,reduction relating to increase in net  
assets of nonprofit organizations ,for  
an eligible recipient that is a         
nonprofit organization1 the amount of   
loan forgiveness under this section     
shall be reduced by the amount of the   
increase1 if any1 in the net assets of  
the eligible recipient during the       
#a-year period beginning on the date of 
issuance of the covered loan1 up to the 
amount of the covered loan amount4  4   
7#b7 ,documentation ,section #aajf7;e7  
of the ,,cares ,act 7#ae ,u4,s4,c4      
#ijje7;e77 is amended-- 7,a7 in         
paragraph 7#c71 by striking and at the  

end2  7,b7 by redesignating paragraph   
7#d7 as paragraph 7#e72 and  7,c7 by    
inserting after paragraph 7#c7 the      
following3  7#d7 documentation verifying
 after-tax income and net assets for    
purposes of paragraphs 7#h7 and 7#i7 of 
subsection 7d71 including tax filings   
reported to the ,internal ,revenue      
,service2 and  4  7#c7 ,application ,the
 amendments made by paragraphs 7#a7 and 
7#b7 shall apply to any loan made under 
section #g7;a77#cf7 of the ,small       
,business ,act 7#ae ,u4,s4,c4           
#fcf7;a77#cf77 on or after the date of  
enactment of this ,act4  7b7 ,disclosure
 of information ,section #g7;a77#cf7 of 
the ,small ,business ,act 7#ae ,u4,s4,c4
 #fcf7;a77#cf77 is amended by adding at 
the end the following3  7,t7 ,disclosure
 of information ,nothing in this        
paragraph shall be construed to limit or
 modify the duty or authority to        
disclose a record in the possession1    
custody1 or control of the ,federal     
,government that relates to an eligible 

recipient that receives a covered loan  
or to such covered loan 7without regard 
to the amount of the covered loan1 the  
number of employees of the eligible     
recipient1 or other factors7-- 7i7 to   
the public in accordance with section   
#eeb of title #e1 ,united ,states ,code 
7commonly known as the 8,freedom of     
,information ,act072  7ii7 to the       
,commissioner of ,internal ,revenue1 the
 inspector general of an agency1 the    
,pandemic ,recovery ,accountability     
,committee1 a committee or member of    
,congress1 or another officer or        
employee of the ,federal ,government in 
accordance with applicable law2 or      
7iii7 to another person or entity in    
accordance with applicable law4  4