Treasury Secretary Steven Mnuchin says any loan exceeding $2 million from the Paycheck Protection Program will result in an audit before the loan is forgiven.
The announcement stems from concern over large companies gaining access to a program designed to help small businesses weather the coronavirus pandemic. Mnuchin says on CNBC the Small Business Administration will conduct reviews that makes sure “the intent for the taxpayers is fulfilled here.”
Mnuchin says it was up to borrowers to certify they met the parameters for receiving a loan. He says the borrowers “have criminal liability” if they made a false certification.
Some companies, such as Shake Shack and the Los Angeles Lakers, have returned the loans. (AP)
