Treasury Secretary Steven Mnuchin has tapped his most trusted lieutenant to help guide the $670 billion small business loan program that's intended to save millions of jobs during the Covid-19 pandemic
The program — which calls for loans to be forgiven if employers maintain their payrolls — has proven to be extremely popular but has been mired in controversies, from crashing SBA systems that slowed loan approvals to a backlash over major companies like Shake Shack and the Los Angeles Lakers basketball team being approved for the limited aid. Both organizations have since said they were returning the money, as have others.
This week, large banks complained that they believed the SBA was keeping them in the dark about their hundreds of thousands of pending applications and that the agency may be putting them in the back of the line for funds.
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