NBC News senior business correspondent Stephanie Ruhle warned about "fraud" under a new interpretation of the Paycheck Protection Program (PPP) released by the Trump administration.
“Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith,” the Treasury Department said in updated guidance on the program.
The guidance essentially gives a safe harbor to companies taking less than $2 million.
"The latest guidance out from Treasury on PPP - basically says they will not be pursuing fraud/wrong doing on any loan less than $2 million they don’t have the bandwidth to audit," Ruhle posted on Twitter.
"This is basically giving a license for fraud and abuse," she explained.
THIS MATTERS - The Latest guidance out from Treasury on #PPP - basically says they will not be pursuing fraud/wron… https://t.co/bGccJdPRJZ— Stephanie Ruhle (@Stephanie Ruhle) 1589486951.0