Treasury Secretary Mnuchin promises audit of bailout loans

Treasury Secretary Mnuchin promises audit of bailout loans

Treasury Secretary Steve Mnuchin said the government will be auditing all companies that received more than $2 million in loans through the Paycheck Protection Program. The program burned through its initial $349 billion allotment in less than two weeks, and much of that money went to industries and parts of the country that have not been hit hard by the pandemic.

Robert_Clearwater
Robert_Clearwater
Robert Fisch
Robert Fisch 0 months

this is like asking Jesse James to investigate train robberies.

Change Matters
Change Matters 0 months

Bureaucrats pretend to be upset about things like this but they know well that the creation of barriers to entry through increased bureaucracy limits access to those without clear understanding of bureaucracy, thus favoring those entities with their own bureaucracy. Sports teams like the Lakers have been working the bureaucratic system for years while the corner deli spent their time tending to customers and just trying to keep up. How will they prosecute companies that followed the rules? On what grounds? If Mnuchin doesn't like it because he didn't write the program correctly, it's on him! They should have made it easier to get less money. This would have put the money on the hands of the people that needed it more.

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