U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that companies that received coronavirus rescue money intended for small businesses could be investigated if it appears they did not really need the money. Mnuchin said on Fox Business Network it was “questionable” whether some larger companies qualified for the Paycheck Protection Program (PPP), based on a self-certification step in the loan process. As Congress readies another $310 billion in payroll loan funds for small businesses shut down by the coronavirus, Mnuchin’s comments indicate the administration is paying more attention to oversight during this round of funding.
