US Treasury Secretary Steven Mnuchin warned on Wednesday that larger companies could face investigation if they apply for small business ...
WASHINGTON: US Treasury Secretary Steven Mnuchin warned on Wednesday that larger companies could face investigation if they apply for small business coronavirus rescue money without carefully reviewing whether they qualify for it.
Some of the larger recipients included sandwich chain Potbelly Corp and steakhouse chain Ruth Hospitality Group , prompting complaints that smaller, independent restaurants and"mom and pop" businesses were squeezed out. In the SBA application form, companies need to certify that"current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.""I think a lot of these big companies, it's questionable whether they can make that certification, I think they should review it," Mnuchin told Fox Business Network.
With the additional funding, which also includes US$60 billion for an emergency disaster loan program for small businesses, Mnuchin said government aid would ultimately help some 60 million American workers, or close to half of US private sector payrolls.
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