Mnuchin says US to audit virus relief loans after outcry

Washington (AFP) – The United States will audit government-backed loans intended to relieve small businesses hit by the coronavirus to ensure they weren’t taken out by large companies, Treasury Secretary Steven Mnunchin said Tuesday.The Paycheck Protection Program (PPP) was part of a $2.2 trillion stimulus package passed by Congress late in March to blunt the pandemic’s impact on the economy, and is supposed to lend money to businesses with fewer than 500 employees.But the initial $349 billion allocated was exhausted in less than two weeks, and news that large companies like upscale burger cha…

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