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President Donald Trump on Tuesday is slated to deliver remarks on the Paycheck Protection Program. The government relief program offers forgivable loans to small businesses that keep employees on the payroll amid the coronavirus crisis.
Trump signed legislation on Friday replenishing the fund that ran out of money soon after it was established as part of the CARES Act Congress passed in late March to aid businesses and workers facing economic distress.
The program faced backlash after several public companies disclosed they had taken out the loans, which were intended to help small businesses with fewer than 500 employees weather the coronavirus pandemic.
Treasury Secretary Steven Mnuchin told CNBC on Tuesday that the government will audit any company seeking more than $2 million from the program.
“This was a program designed for small businesses. It was not a program that was designed for public companies that had liquidity,” Mnuchin said on “Squawk Box.”