US firms return virus loans as Treasury threatens penalties
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May 7, 2020
WASHINGTON (AP) — More than 40 public companies are pledging to return money to the government's small business coronavirus fund now that Treasury Secretary Steven Mnuchin is threatening criminal prosecutions for violating the rules of the program.
The administration has given companies until May 14 to give back money without penalty. It's a key test for President Donald Trump's administration as it tries to ensure the $600 billion-plus emergency lending program helps small employers preserve jobs in an economy shedding them at a staggering rate.
The challenge is considerable. The Small Busine...
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