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        <title><![CDATA[Coronavirus small business loans over $2 million will be audited: Mnuchin]]></title>
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        <lastBuildDate>Tue, 28 Apr 2020 15:47:29 +0000</lastBuildDate>
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            <media:title type="html">Coronavirus small business loans over $2 million will be audited: Mnuchin</media:title>
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        <content:encoded><![CDATA[<p>The feds plan to audit all large coronavirus relief loans amid an <strong>outcry over big companies getting help</strong> at the expense of struggling small businesses.</p><p><span >The US Small Business Administration will review all Paycheck Protection Program loans worth more than $2 million before forgiving the debt, Treasury Secretary Steven Mnuchin said Tuesday. Loans from the $659 billion program can be forgiven if the recipients don&#8217;t lay off workers.</span></p><p>&#8220;We will make sure that what was the intent for taxpayers is fulfilled here,&#8221; Mnuchin said in a <strong>CNBC interview</strong>. &#8220;The purpose of this program was not social welfare for big business. The purpose of this program was to help small business.&#8221;</p><p>The move marks the Trump administration&#8217;s latest effort to crack down on big companies that took advantage of the so-called PPP loans that aimed to help small firms keep their workers on the payroll during the coronavirus crisis.</p><p>While several big companies such as <strong>Shake Shack</strong> and <strong>Nathan&#8217;s Famous</strong> have pledged to return their loans, Mnuchin indicated those that keep them could face <strong>&#8220;criminal liability&#8221;</strong> for falsely claiming they needed the money.</p><p>The Treasury urged public companies to repay their loans last week in new guidance saying those with &#8220;substantial market value&#8221; would be unlikely to qualify for the program.</p><p>&#8220;The certification was very clear in saying that if people had other sources of liquidity they could not take this loan,&#8221; Mnuchin said.</p>]]></content:encoded>
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