Treasury Department Warns Companies to Apply for Virus Loan Program ‘in Good Faith’

Treasury Secretary Steven Mnuchin discusses details for economic relief during the daily CCP virus response briefing as Small Business (SBA) Administrator Jovita Carranza listens at the White House in Washington, on April 2, 2020. Tom Brenner/Reuters

The Department of the Treasury is advising against large companies applying for loans through the Paycheck Protection Program (PPP).

The program has dispersed $349 billion to companies affected by the COVID-19 pandemic, with an infusion of billions more slated to be approved by Congress this week.