Treasury chief warns larger companies applying for aid money
U.S. Treasury Secretary Steven Mnuchin on Wednesday warned that larger companies could face investigation if they apply for small-business coronavirus rescue money without carefully reviewing whether they qualify for it.
Mnuchin said on Fox Business Network it is "questionable" whether some larger companies could make the certifications necessary for the Paycheck Protection Program, and firms needed to look carefully at the certifications they make to the Treasury and the Small Business Administration to get forgivable loans of up to $10 million.
The U.S. House of Representatives is set to vote on a new rescue bill that provides another $321 billion to the program aimed at keeping employees at temporarily closed businesses on the payroll after an initial $350 billion ran out in less than two weeks.
Some of the larger recipients included sandwich chain Potbelly Corp and steakhouse chain Ruth Hospitality Group , prompting complaints that smaller, independent restaurants and "mom and pop" businesses were squeezed out. Burger chain Shake Shack returned its $10 million loan on Monday after it was able to raise $150 million in capital in a stock offering.
https://www.msn.com/en-us/money/companies/treasury-chief-warns-larger-companies-applying-for-aid-money/ar-BB132xTk?li=BBnb7Kz
Who's approving the loans and doling the money out? Should be some accountability there as well.
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