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."
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