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SBA, Treasury to evaluate borrowers' eligibility for PPP loans amidst criticism of large companies obtaining funds

from BMWL

SBA, Treasury to evaluate borrowers' eligibility for PPP loans amidst criticism of large companies obtaining funds BMWL Following criticism of large and high-profile companies obtaining forgivable loans under the Paycheck Protection Program, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza have announced their intent to scrutinize borrowers for eligibility. Mnuchin and Carranza have stated their intent to perform a “full review” of every PPP loan in excess of $2 million in addition to other loans as appropriate. They have also stated that borrowers who determine that they were not eligible for a PPP loan may repay the funds by May 7, 2020 and not be penalized. READ MORE

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