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Mnuchin Says Relief Loans Over $2 Million Will Be Audited

  • Large companies and big chains taking loans spurred outrage
  • Borrowers who improperly took loans have criminal liability
Steven Mnuchin
Steven MnuchinPhotographer: Sarah Silbiger/Bloomberg
Updated on

Treasury Secretary Steven Mnuchin said all loans of more than $2 million in a government relief program for small businesses will be audited to ensure they were justified after large public companies and big chains sparked outrage by taking funds.

Mnuchin said the loans of as much as $10 million meant to keep workers on payrolls under the Paycheck Protection Program were intended for small firms, not public companies and big chains that have access to other capital. The U.S. Small Business Administration will check that borrowers who took large loans properly certified they were needed because of the coronavirus outbreak, he said.