SBA Will Cap Lending Under Emergency Virus Program: Reuters
(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.
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