The Small Business Administration will conduct a “full review” of loans for more than $2 million through the Paycheck Protection Program before there is any loan forgiveness, Treasury Secretary Steven Mnuchin said Tuesday.
The announcement comes as a warning to big companies such as AutoNation Inc. and others that had tapped into the administration’s $349 billion forgivable loan program designed to support small businesses. The program was recently replenished with an additional $321 billion after President Donald Trump signed a $484 billion spending package.
The Small Business Administration began processing additional loans through the Paycheck Protection Program on Monday. The program provides small businesses with money to pay employee payroll and benefit costs for eight weeks, plus certain other expenses such as rent. The loans can be fully forgiven if companies qualify.
“I think it is unfortunate that there’s a small number of companies that have created a lot of publicity that…