The U.S. Treasury Department last week quietly added new guidance to its Paycheck Protection Program. In doing so, the Treasury second-guessed itself, and small business borrowers, by saying PPP loans went to companies that may not have faced imminent “significantly detrimental” financial harm. On Tuesday, Treasury Secretary Steven Mnuchin announced a “full review” of any loan that exceeds $2 million.
We propose a new amnesty program to address the significant missteps made in the PPP program to date.
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