Mnuchin warns that US Treasury will audit coronavirus business loans

The U.S. Treasury Department will audit every loan for more than US$2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin answers questions during the daily coronavirus task force briefing at the White House in Washington, U.S., April 21, 2020. REUTERS/Jonathan ErnstWASHINGTON: The U.S. Treasury Department will audit every loan for more than US$2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.

"This was a program designed for small businesses. It was not a program that was designed for public companies if they had liquidity," he told CNBC in an interview, adding that companies that made false certifications under the program could face criminal liability.

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