Peter Hyun Discusses Treasury’s Commitment to Aggressively Oversee Coronavirus Aid Received by Companies
Peter S. Hyun, a partner in Wiley’s White Collar Defense & Government Investigations Practice, was quoted by The New York Times in an April 28 article about the U.S. Department of the Treasury’s vow to aggressively oversee coronavirus small business relief aid claimed by big companies.
Congress created the Paycheck Protection Program (PPP) as part of a $2 trillion economic relief package to help small businesses across the country, yet many big companies received loans under the program’s initial terms, The New York Times reported.
“The problem for businesses applying for PPP loans was there was no specific guidance on how exactly the loan applicant should determine – and certify – that a loan was ‘necessary,’” said Mr. Hyun.
My. Hyun also had authored a related Wiley alert discussing the legal risks of venture-capital-backed businesses using the “self-certifying” eligibility when they were applying for PPP loans.
To read the New York Times article, click here.
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