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Sec. Mnuchin announces audit of every PPP loan over $2 million, reminds these borrowers of potential criminal liability

In response to the revelation yesterday that the Los Angeles Lakers were able to secure a PPP small business loan, Treasury Secretary Steven Mnuchin announced on CNBC that there will be an audit of every loan made over $2 million:

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And he reminded companies that took taxpayer money of their potential criminal liablity if the certification of economic need was not true:

This is welcome news and 100% spot on:

Some companies have already returned their funds:

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Mnuchin blamed the borrowers, not the banks for the loans:

In what world did someone at the Lakers think they could take a taxpayer bailout?

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