U.S. firms may face probes over payroll loans, Treasury, DOJ officials warn

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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.

), prompting complaints that smaller, independent restaurants and “mom and pop” businesses were squeezed out.

In the PPP application form, companies need to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” The potential for fraud in the $2.2 trillion coronavirus rescue legislation is high, a senior U.S. Justice Department official told Reuters.

“There is a potential there will be fraudulent or false statements on the loan applications to the banks. You might see non-existent businesses attempting to dummy up paperwork to see whether or not they can get that through the process at the bank and get access to a loan,” he said. Multiple watchdog groups have been created to audit the $2.3 trillion program, including a committee made up of inspectors’ general, with an $80 million overall budget.

Source: News Formal (newsformal.com)

 

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Better mark your calendars to revisit this. Not likely you'll ever see this happen.

ie...tRump's friends!

He seems to be cyborg...the existing root reason only for 1% wealth... The dignity of human life has no inspiration for him.

m_hostage No they won’t.

Still waiting and waiting and waiting.....

Chip to brain for everyone call now 1-800-chip to brain i love you

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