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Mnuchin says companies that take $2 million-plus loan from small businesses program will face audit

Mnuchin says companies that take $2 million-plus loan from small businesses program will face audit

Big name companies including the L.A. Lakers and Shake Shack took out but repaid the loans Treasury Secretary Steven Mnuchin warned Tuesday that any company taking out a forgivable loan exceeding $2 million from an emergency, small business relief program will get audited. Mnuchin made the announcement amid continuing reports that big businesses were taking advantage of the Paycheck Protection Program, passed by Congress and signed into law to help companies with fewer than 500 employees survive the coronavirus shutdown. “I’m going to be putting out an announcement later this morning that for any loan over $2 million, the Small Business Administration will be doing a full review of that loan before there is loan forgiveness,” Mnuchin said Tuesday on CNBC’s “Squawk Box.” The program allows companies to have their loans forgiven, provided they spend the funds on payroll, benefits, rent and utilities. “This was a program designed for small businesses,” Mnuchin also said. “It was not a…
Source: Mnuchin says companies that take $2 million-plus loan from small businesses program will face audit

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