US bars larger firms from SBA loans after uproar


New York (AFP) – US agencies tightened the rules on a popular emergency lending program for small businesses Thursday, and gave large chains two weeks to return funds following a public uproar.Companies that inappropriately received funding under the Paycheck Protection Program (PPP) have until May 7 to return the funds to the US Small Business Administration, the Treasury Department said in the updated guidelines.The policy follows outrage over news the lifeline meant for mom-and-pop businesses and their workers, that ran out of money in just two weeks, gave millions in loans to large chains,…

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