Mnuchin: Big Businesses Given Small Biz Loans Will Be Asked to Give it Back

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After a week of negotiations, another emergency coronavirus relief bill is now on its way to the U.S. House of Representatives.

The Senate approved the nearly $500 billion measure Tuesday.

The bill would provide additional funding to small business relief programs, hospitals and testing.

04 22 20 Funding Bill Pkg.transferTreasury Secretary Steven Mnuchin said changes will also go into effect to stop large companies from getting loans through the Paycheck Protection Program.

Big firms that have already been approved for loans will be asked to give them back.

“To the extent these companies didn’t understand this, and they repay the loans, that will be OK. If not, there will be potentially other consequences,” he said.

The House could vote on the funding bill as soon as Thursday.

It then moves on to President Trump’s desk for his signature—possibly by the end of the week.