Treasury Secretary Steven Mnuchin on Tuesday knocked the Los Angeles Lakers’ involvement in a government relief program suggested for small businesses.
” I’m a big fan of the group, but I’m not a fan of the reality that they took a $4.6 million loan,” he said on CNBC. “I believe that’s outrageous and I’m glad they returned it or they would have had liability.”
A minimum of 248 openly traded business took advantage of the program, the language of which indicated numerous were eligible based on worker headcount. 15 of them, consisting of the Lakers, Shake Shack, Ruth’s Chris Steakhouse and others, have actually said they will return the loans after the government released upgraded guidelines, according to analysis by FactSquared.
” The Lakers received and received a loan under the Payroll Protection Program,” the Lakers said in a statement on Monday, according to The Guardian. “Nevertheless, once we found out the funds from the program had been diminished, we paid back the loan so that financial support would be directed to those most in need. The Lakers stay totally dedicated to supporting both our employees and our neighborhood.”
— Steven Mnuchin (@stevenmnuchin1) April 28, 2020
Going forward, business can expect a more extensive evaluation as the $310 billion in fresh financing for the program is administered.
” I’m gong to be putting out a statement this morning, that for any loan over $2 million, the SBA will be doing a full evaluation of that loan before there is loan forgiveness,” Mnuchin stated “We will make sure that what was the intent for taxpayers is fulfilled here.”
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source https://jobsearchtips.net/los-angeles-lakers-small-business-ppp-loan-outrageous-mnuchin-states/
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