U.S. to audit companies who take more than $2M from the small business loan program

Amber Coakley
:

OAN Newsroom – One America News Network

President Donald Trump listens as Treasury Secretary Steven Mnuchin speaks about the coronavirus in the James Brady Press Briefing Room of the White House, Tuesday, April 21, 2020, in Washington. (AP Photo/Alex Brandon)

OAN Newsroom
UPDATED 10:06 AM PT — Tuesday, April 28, 2020

Treasury Secretary Steven Mnuchin has warned any company who accepts at least $2 million from the small business loan program will be audited.

Mnuchin made those remarks in an interview Tuesday. He said the decision is meant to help keep small businesses running, while holding big businesses who abuse the process accountable for their actions.

This came after several large companies were found taking out loans from the program. Some of them exploited a loophole to take out multiple loans at one time.

“Let me just be clear, the purpose of this program was not social welfare for big business,” said the Treasury secretary. “The purpose of this program is to help small business, it’s a small business program and it was meant for small businesses that didn’t have liquidity.”

The Paycheck Protection Program is meant to aid companies with fewer than 500 employees. Secretary Mnuchin said the loans will be investigated before a company can be forgiven by the government.

RELATED: Democrats preparing ‘CARES 2’ bill for debate by May 4, Republican leaders want to wait





Source link

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

Log in with your credentials

or    

Forgot your details?

Create Account