Treasury Secretary Steve Mnuchin has previously warned that companies that have taken the funds without proper justification could face 'severe consequences.'
A new analysis has shown that the overwhelming majority of publicly listed companies that received coronavirus stimulus loans from the federal government, which were intended for struggling small businesses, do not plan on returning the funds., which analyzed data from the market research firm FactSquared.
Companies who took the loans despite having enough resources to get through the financial crisis, were required to return the money by May 18 without facing any penalties. But the Reuters analysis found that at least 76 companies who did not return the loans had"enough cash and cash equivalents to cover operating costs until at least June."has reached out to the Treasury Department, which has been overseeing the release of stimulus aid, for comment.
Treasury Secretary Steven Mnuchin exits the office of Senate Majority Leader Mitch McConnell after meeting with Republican lawmaker and Vice President Mike Pence at the U.S. Capitol on May 19 in Washington, D.C.Reports began circulating in April that many large companies had received millions in loans through the program, despite the intent being to prop up struggling small businesses.
Mnuchin said during an April 21 press conference that companies who kept the loans could face"severe consequences."
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Migrant shipwrecks off Tunisia leave one dead, over 80 rescuedDivers from the Tunisian emergency services retrieved one body and the captain and chief trafficker fled, coast guard spokesman Lt. Houssameddine Jbabli said.
Lire la suite »
80 million young children at higher disease risk because of missed vaccinations during coronavirus lockdownsAt least 27 countries have reported problems administering measles vaccines, while several others face similar diffficulties with vaccinating children against polio, typhoid, cholera and more.
Lire la suite »
Charles Lippincott, legendary 'founding pillar' of 'Star Wars' phenomenon, dies at 80Charles Lippincott, who was 80, died at a Vermont hospital earlier this week after suffering a heart attack.
Lire la suite »
DC small business owner struggling to get PPP funds during coronavirus crisis\nDC small business owner struggling to get PPP funds during coronavirus crisis.
Lire la suite »
Questions Persist After Release of New Small-Business Loan RulesThe Trump administration has updated guidelines for forgiving federally backed loans to help small businesses survive the coronavirus outbreak—but they don’t address some stickier issues plaguing lenders and borrowers.
Lire la suite »
Charter company that operated helicopter in Kobe Bryant crash has received federal coronavirus fundsIsland Express, the charter company that operated the helicopter that crashed in January, killing Kobe Bryant, his daughter and seven others, has received federal support in the midst of COVID-19 pandemic.
Lire la suite »