Treasury Secretary Mnuchin warns of investigations into fraudulent PPP loans

Treasury Secretary Mnuchin warns of investigations into fraudulent PPP loans

Treasury Secretary Mnuchin warns of investigations into fraudulent PPP loans
Reading Time: < 1 minute(Last Updated On: April 23, 2020)

In the aftermath of the first round of PPP funds depleting so quickly, Secretary of the Treasury Steven Mnuchin along with the Department of Justice say that they could launch investigations into companies that received financial relief if they didn’t really need the aid.

Complaints poured into the Small Business Administration as small business owners learned that large companies like Potbelly Corp and Ruth’s Hospitality Group received PPP loans of $10 million and $20 million respectively. Mnuchin is encouraging companies to return the money if they didn’t truly need it otherwise they may face investigation.

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