Mnuchin says big companies should apologize for taking small business loans

WASHINGTON — Treasury Secretary Steven Mnuchin calls for apologies from US taxpayers for large companies that have sought funds for the difficulties of the coronavirus intended for small businesses.

“Some of these companies should apologize,” he said Tuesday in an interview with The Wall Street Journal. “The owners should apologize for taking this, not just returning the money.”

Mr Mnuchin reprimanded on Tuesday companies that have inappropriately exploited the roughly $ 660 billion in loans available under the Paycheck Protection Program and warned that they could face criminal liability if the money is not repaid.

The Treasury Department last week asked publicly traded companies that received loans to return the money. He also updated the guidelines to make it clear that it was “unlikely that a state-owned enterprise with substantial market value and access to capital markets” would be able to demonstrate that it needed a loan. guaranteed by the government to stay afloat.

At least 13 of public enterprises that received loans said they would return the money, including AutoNation Inc., the country’s largest auto dealer chain, Ruth’s Hospitality Group Inc. and Shake Shack Inc.

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