More On: Coronavirus
Joe Biden Tests Positive for Wuhan Coronavirus Again
Aaron Rodgers, Green Bay Packers Fined for Violating COVID-19 Protocols
Shailene Woodley Defends Aaron Amid Rumored COVID-19 Quarantine Outings
Howard Stern: Aaron Rodgers Should Be Fired for 'Bulls--t' Vaccine Comments
Emilio Estevez Denies Being Anti-Vax After Exiting 'Mighty Ducks' Series
The US Justice Department reportedly has launched a probe of the federal government’s $670 billion Paycheck Protection Program. The investigation has already turned up instances of potential fraud, according to Politico, and arrives as large publicly traded companies have received harsh scrutiny for dipping into the federal pot. Last week, after it surfaced that companies …
The US Justice Department reportedly has launched a probe of the federal government’s $670 billion Paycheck Protection Program.
The investigation has already turned up instances of potential fraud, according to Politico, and arrives as large publicly traded companies have received harsh scrutiny for dipping into the federal pot.
Last week, after it surfaced that companies like Shake Shack and Ruth’s Chris had received payroll loans, Treasury Secretary Steven Mnuchin said there would be penalties if the funds were not returned.
“I think a lot of these big companies, it’s questionable whether they can make that certification,” Mnuchin said in an interview last week.
The Small Business Administration last week updated its PPP guidance, declaring: “It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith.”
The SBA said any company that gives the money back before May 7 will be determined to have acted in good faith.
Moving forward, all PPP loans worth more than $2 million will be reviewed by the SBA.
“We will make sure that what was the intent for taxpayers is fulfilled here,” Mnuchin said this week. “The purpose of this program was not social welfare for big business. The purpose of this program was to help small business.”
News of the probe comes after The Post reported that JPMorgan Chase told 220,000 small-business owners that their loans had been processed.
The applications, totaling $17.8 billion in requested funding, are awaiting approval from the SBA.
