U.S. Issues New Guidance for Small Business Loans, Pressures Public Companies to Return Funds

The Small Business Administration issued new guidance on Thursday making it less likely that big publicly traded companies can access the next round of funding for the U.S. government’s small business relief program. It also stepped up pressure on public companies that have tapped funds to return the money.
The update comes after a public furor that large companies tapped the facility, known as the Paycheck Protection Program, for hundreds of millions of dollars in loans while thousands of small businesses have yet to receive funding.
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