Business Insider reports:
Treasury Secretary Steven Mnuchin on Tuesday slammed the Los Angeles Lakers’ participation in a government relief program meant for small businesses. “I’m a big fan of the team, but I’m not a fan of the fact that they took a $4.6 million loan,” he said on CNBC.
“I think that’s outrageous and I’m glad they returned it or they would have had liability.” At least 248 publicly traded companies took advantage of the program, the language of which implied many were eligible based on employee headcount.
“I’m gong to be putting out an announcement this morning, that for any loan over $2 million, the SBA will be doing a full review of that loan before there is loan forgiveness,” Mnuchin said.