WASHINGTON, April 28 — The United States will audit government-backed loans intended to relieve small businesses hit by the coronavirus to ensure they weren’t taken out by large companies, Treasury Secretary Steven Mnunchin said today. The Paycheck Protection Program (PPP) was part of a US$2.2...
US Treasury Secretary Steven Mnuchin said the Small Business Administration would be reviewing the loans, which convert to grants if companies maintain their employees or rehire laid-off workers by June 30, and use three-quarters of it on wages. — AFP pic
The Paycheck Protection Program was part of a US$2.2 trillion stimulus package passed by Congress late in March to blunt the pandemic’s impact on the economy, and is supposed to lend money to businesses with fewer than 500 employees. Speaking on CNBC, Mnuchin said the Small Business Administration would be reviewing the loans, which convert to grants if companies maintain their employees or rehire laid-off workers by June 30, and use three-quarters of it on wages.
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