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HILL TAX BRIEFING: Small Business Loans Under SEC Scrutiny

May 29, 2020, 10:05 AM

The Securities and Exchange Commission is taking a look at publicly traded companies that received government-backed loans intended for small businesses struggling during the coronavirus pandemic.

The Paycheck Protection Program has facilitated hundreds of billions in forgivable loans to help small businesses stay afloat. The initial tranche of funding for the program ran out quickly, and there was a swift backlash after it was revealed that large national chains like Shake Shack Inc. and Ruth’s Chris Steak House Inc. were among the companies that received aid.

The Small Business Administration and the Treasury Department have said that companies that ...