The Small Business Administration on Wednesday said it would temporarily restrict incoming applications for emergency small business loans to only those submitted by the country's tiniest lenders, an unprecedented move by the agency as it triaged hundreds of thousands of incoming requests for aid.
The announcement was the Trump administration's latest sudden shift in the program, which Congress created to help minimize layoffs during the pandemic. The change came as organizations representing thousands of large and small lenders nationwide urged the SBA to shore up its system for processing emergency small business loans or explain why it can't be done.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
A billion..? You got to be kidding right.