SBA Will Cap Lending Under Emergency Virus Program: Reuters

Bookmark

(Bloomberg) -- The U.S. will limit how much banks can lend under an emergency loan program designed to keep workers on payrolls during the pandemic, Reuters reported, citing a memo it has seen.

The Small Business Administration will impose a cap for individual lenders at 10% of Paycheck Protection Program funding authority and pace the applications filed, Reuters reported.

The SBA did not immediately respond to requests for comment from Reuters.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.