Mnuchin Warns Of ‘Criminal Liability’ For Public Companies Taking Small Business Loans

  • 📰 Forbes
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 53%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The federal government plans to audit any company taking out more than $2 million from the small business loan program, said Mnuchin—adding that large corporations that wrongfully claimed the money could be subject to “criminal liability” by skleb1234

after several large corporations disclosed they had taken out loans that were intended for smaller companies with fewer than 500 employees., including: Ruth’s Hospitality Group, owner of Ruth’s Chris Steak House, took a $20 million loan, AutoNation took a $77 million loan and the Los Angeles Lakers even took a $4.6 million loan.

Mnuchin said that he was “outraged” that a sports team like the Lakers had taken a loan, before adding that he was glad to see them pay it back.We're not going to be able to check all the loans before they go out the door because there's over 26,000 of these loans, but before we forgive these loans, we'll check every single one over $2 million,” Mnuchin

on Tuesday. “I encourage everybody to look at this and pay back these loans now so we can recycle the money if you made a mistake.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

skleb1234 The gop holding big corps criminally liable?! Puhlease. The SAME party that passes taxpayer funds out like candy to billionaires all while saying poor kids should “pull themselves up by their bootstraps” and get their own access to healthcare, education, food, etc.? RIPGOP

skleb1234 Nah. It won't ever happen.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines