TPS Act This bill amends the Immigration and Nationality Act to terminate new grants of temporary protected status (TPS) to aliens except for individuals with a pending TPS application. (TPS designations permit eligible nationals of designated counties affected by armed conflict or natural disasters to temporarily reside and work in the United States.) The bill provides for: (1) a three-year TPS extension for individuals with TPS status or with a pending TPS application that is subsequently granted, and (2) subsequent adjustment to lawful permanent residence (LPR) status. The Department of Homeland Security (DHS) shall allow eligible individuals, including minors, to apply for LPR relief without requiring placement in removal proceedings and without requiring the immediate availability of an immigrant visa. An alien who has a pending LPR application and appears prima facie eligible for such relief may not be removed. DHS shall provide such alien with provisional protected presence and work authorization effective until the alien's LPR application is denied or approved. DHS may rescind an alien's provisional protected presence and employment authorization if DHS determines that the alien: (1) poses a national security or public safety threat; or (2) has traveled outside of the United States without DHS authorization. Beginning in FY2022, the fiscal year number of family-sponsored, employment-based, and diversity immigrant visas shall be reduced by 50,000, subject to a specified limitation.