Saturday, June 13, 2020

Where Did the Relief Money Go?

Where did the $500 billion dollars Congress appropriated under the Coronavirus Aid, Relief, and Economic Security (CARES) Act go? Treasury Secretary Mnuchin doesn't want you to know! What could he possibly be hiding? Clientelism, nepotism, theft? His claim that it's proprietary information rings hollow. These are public funds and Congress has a right to know. Meanwhile, the CARES Congressional Oversight Commission reported in May the program eliminated a requirement that companies have to attest they need money "due to the exigent circumstances presented by" the coronavirus, and modification of a requirement that companies make "reasonable efforts" to maintain payroll and retain employees during the term of a loan. Instead, they will be required to make "commercially reasonable efforts" to do so.

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