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Treasury Department Wants to Waive Verification
According to the Washington Post, the federal government is considering removing the requirement that companies prove how they used the Payroll Protection Loan money.
Treasury Secretary Steven Mnuchin suggested Friday that the government should consider forgiving all taxpayer-backed small loans under the federal Paycheck Protection Program without verifying how the funds were used, a decision that could wipe away debt for millions of small businesses but would also substantially increase the risk of fraud.
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