Today is the last day for companies who believe they may have violated the terms of the Paycheck Protection Program in applying for loans to return the money by theothersarahh
Last month, Treasury Secretary Steven Mnuchinthat the government plans to conduct a full audit of any small business loan over $2 million in a bid to deter public companies with access to capital markets from the second round of the PPP program.
He warned that large corporations that wrongfully claimed the money could be subject to “criminal liability,” though the SBA softened its stance on May 13, stating that it would assume certifications for loans below $2 million had been made in good faith and that in cases where loans were wrongly issued, it would ask for the money back. Legal experts are skeptical that companies will face real repercussions if they don’t return the money.
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