Mnuchin says SBA will do "full review" of PPP loans over $2 million
Treasury Secretary Steve Mnuchin told CNBC Tuesday that the Small Business Administration would undertake a "full review" of any loan that exceeds $2 million under the Paycheck Protection Program (PPP).
The big picture: Mnuchin's announcement comes after large corporations and organizations — like Shake Shack and the Los Angeles Lakers, which both returned their loans — have come under fire for receiving cash from the coronavirus stimulus program.
- "I think it was inappropriate for most of these companies to take the loans. It was clear there was a certification. We don't think that they ever should have been allowed to," Mnuchin told CNBC.
The state of play: The government has set up guardrails for who should and shouldn't apply as the PPP opened its second round of applications this week.
Note: Axios qualified for a loan under this program. More details here.