US to cap bank lending under PPP – report
The Trump administration will cap the amount banks can lend under the Paycheck Protection Program (PPP), the New York Times reported.
According to the news outlet, the government informed lenders across the country it plans to put a limit on how much each bank can provide under the program in order to be able to offer monetary aid to the many businesses affected by the COVID-19 outbreak that require financial assistance. The Small Business Administration (SBA) will reportedly set a maximum dollar amount for individual lenders at 10% of the funding, which makes about $60 billion per lender.
Earlier, House Speaker Nancy Pelosi urged the administration to make sure smaller businesses don’t lose much-needed loans to bigger corporations asking for help amid the pandemic.
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