Lawmakers from both parties have criticized the Payroll Protection Program, which initially provided $349 billion in forgivable loans to small companies but has been plagued by a host of problems.
WASHINGTON -- Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government's $2 trillion relief package.
Mnuchin said in prepared testimony that so far, the paycheck program has processed more than 4.2 million loans for over $530 billion “to keep tens of millions of hardworking Americans on the payroll.” The loans do not have to be paid back as long as the borrowing business uses 75% of the money to cover workers' paychecks.
On Monday, a separate congressional oversight panel said that the Fed and Treasury have spent very little of the $500 billion that Congress allocated to support businesses hurt by the coronavirus outbreak. The oversight panel also asked how the two agencies would evaluate the success of their programs.
“We are deeply committed to transparency, and recognize that the need for transparency is heightened when we are called upon to use our emergency powers,” his testimony says.
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