1851

As outrage over the execution of the Small Business Administration’s <a href="https://1851franchise.com/paycheck-protection-program-resumes-lending-but-for-how-long-2712953">newly replenished Paycheck Protection Program</a> continues to dominate headlines, Treasury Secretary Steven Mnuchin announced on Tuesday that the U.S. Treasury Department will audit every PPP loan over $2 million to ensure that only eligible companies receive payouts.The announcement arrives the morning after the Los Angeles Lakers committed to returning a whopping $4.6 million loan the organization took out from the PPP. <a href="https://www.cnbc.com/2020/04/28/mnuchin-says-it-was-outrageous-for-the-lakers-other-such-businesses-to-take-small-business-loans.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=treasury-secretary-mnuchin-warns-businesses-could-face-criminal-liability-for-ppp-loans-2712966" target="_blank" rel="nofollow">In an interview with CNBC</a>, Mnuchin called the loan “outrageous.”"This was a program designed for small businesses. It was not a program that was designed for public companies if they had liquidity," Mnuchin said.The Lakers organization is only the most recent <a href="https://1851franchise.com/more-large-companies-to-return-ppp-loans-2712955">example of a decidedly-not-small business returning a loan to the Paycheck Protection Program</a>, a CARES Act initiative intended to support small businesses affected by the coronavirus pandemic.PPP loans are forgivable in full, essentially turning them into grants, if recipients use 75 percent or more of their loan to retain their employees, but Mnuchin said loans of $2 million or more will be audited before they are forgiven, and any companies found to have falsely claimed that the loan was necessary to continue operations could be liable to criminal penalties.“So anybody that took the money that shouldn’t have taken the money, one it won't be forgiven, and two, they may be subject to criminal liability, which is a big deal,” <a href="https://www.foxbusiness.com/money/small-business-rescue-loans-over-2m-will-receive-automatic-audit-before-forgiveness-mnuchin-says?utm_source=1851franchise.com&utm_medium=article&utm_campaign=treasury-secretary-mnuchin-warns-businesses-could-face-criminal-liability-for-ppp-loans-2712966" target="_blank" rel="nofollow">Mnuchin told Fox Business</a>.To date, more than 200 publicly traded companies have applied for Paycheck Protection Program loans.

Treasury Secretary Mnuchin Warns Businesses Could Face Criminal Liability for PPP Loans

1851 Franchise

The Treasury department will audit every Paycheck Protection Program-issued loan over $2 million. 

treasury-secretary-mnuchin-warns-businesses-could-face-criminal-liability-for-ppp-loans

Happy Joe’s Franchising

Why Texas Is the Perfect State To Open a Happy Joe’s Franchise

why-texas-is-the-perfect-state-to-open-a-happy-joes-franchise

Seniors Helping Seniors®

Photo of two people, with white hair, sitting on couch, smiling at each other

Seniors Helping Seniors® In-Home Care Services Expands in Manassas and Fredericksburg, Virginia

seniors-helping-seniors-in-home-care-services-expands-in-manassas-and-fredericksburg-virginia

BooXkeeping

Tech-Driven Bookkeeping: How BooXkeeping Franchisees Are Embracing the Future

tech-driven-bookkeeping-how-booxkeeping-franchisees-are-embracing-the-future

Fitness Premier

Fitness Premier's State-of-the-Art Facilities and Multi-Discipline Approach Fuels Franchise Owner Success

fitness-premiers-state-of-the-art-facilities-and-multi-discipline-approach-fuels-franchise-owner-success

Melting Pot

Melting Pot 50th anniversary photo, featuring three people enjoying celebratory drinks and fondue

Melting Pot Celebrates 50 Years of Fondue Magic With a Year of Special Menus, New Offerings and Unforgettable Moments

melting-pot-50th-anniversary-fondue-celebration

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Yum! Brands CEO David Gibbs To Retire in 2026 After 36 Years With the Company

yum-brands-ceo-david-gibbs-to-retire-in-2026-after-36-years-with-the-company

Hooters Bankruptcy - Chapter 11 - April 2025 - 1851 Franchise

Hooters Files for Bankruptcy, Sells Restaurants to Franchisee Group

hooters-bankruptcy-chapter-11-april-2025

Fly Dance Fitness Expands With First Franchise Location in Georgia

fly-dance-fitness-franchise-expansion

&pizza - Fast-Casual Pizza Chain Begins Franchising - 1851 Franchise

&pizza Embraces Franchising To Fuel Bold New Growth Strategy

andpizza-franchising-ceo-mike-burns

CFOs See Recession as Likely in ’25; Why Now Is the Time To Water the Franchise Buyer Seeds

cfos-see-recession-as-likely-in-25-why-now-is-the-time-to-water-the-franchise-buyer-seeds

Paris Baguette Ranks Among Top Franchises on Entrepreneur’s Franchise 500® for 2025 - 1851 Franchise

Paris Baguette Ranks Among Top Franchises on Entrepreneur’s Franchise 500® for 2025

paris-baguette-ranks-among-top-franchises-on-entrepreneurs-franchise-500-for-2025

1851 Agg - McDonald's Sales Decline Expansion Continues - 1851 Franchise

McDonald’s Franchisees Feel the Pressure as Sales Decline and Expansion Continues

mcdonalds-franchisees-feel-the-pressure-as-sales-decline-and-expansion-continues

Design with hundred dollar bill and orange "recession" banner across the middle

ABC News: Recession Risks Are Rising, Economists Say. Here’s What to Know.

recession-risks-impact-economy-franchise-world

Florida Franchisee Reflects on Success and Growth with Sylvan Learning

florida-franchisee-reflects-on-success-and-growth-with-sylvan-learning

Franchise Deep Dive: Studio Pilates Franchise Costs, Fees, Profit and Data

franchise-deep-dive-studio-pilates-franchise-costs-fees-profit-and-data

Military Veteran and Craft Beer Enthusiast to Bring Voodoo Brewing Co. to Toledo, Ohio

military-veteran-and-craft-beer-enthusiast-to-bring-voodoo-brewing-co-to-toledo-ohio

Treasury Secretary Mnuchin Warns Businesses Could Face Criminal Liability for PPP Loans

MORE STORIES LIKE THIS