WASHINGTON: The U.S. Treasury Department will audit every loan for more than US$2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.
On Monday, the Los Angeles Lakers basketball team returned a US$4.6 million loan it received through the program. Mnuchin told Fox Business Network he was"outraged" by the Lakers' request even though he was a fan of the top NBA team. "Anybody that took the money that they shouldn't have taken - one, it won't be forgiven, and two, they may be subject to criminal liability, which is a big deal," Mnuchin told Fox Business.After running out of funds in less than two weeks, the Paycheck Protection Program was relaunched on Monday with an additional US$310 million appropriated by Congress, but suffered technical glitches. Mnuchin said that these had largely been fixed on Tuesday.
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