Mnuchin to Face Grilling About Small-Business Lending Effort
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government’s $2 trillion relief package.
Lawmakers from both parties have criticized the Payroll Protection Program, which initially provided $349 billion in forgivable loans to small companies but has been plagued by a host of problems.
Many businesses were unable to get loans before the initial funding was exhausted.
A second round of loans faced computer processing delays and a number of publicly traded companies ended up receiving money that Mnuchin demanded be paid back to the government.
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