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US small-business loan program restricted as funds run dry, evidence of fraud surfaces

By Neil Roland ( May 1, 2020, 20:34 GMT | Insight) -- A US small-business loan program that has been tainted by reports of large-company exploitation is being restricted by the Small Business Administration as $659 billion is depleted and new evidence of fraud has been discovered. The interim SBA Paycheck Protection Program rule is limiting the amount of loans available to subsidiaries of a company to a total of $20 million. Until now, each unit could obtain loans of up to $10 million.A US small-business loan program that has been tainted by reports of large-company exploitation is being restricted by the Small Business Administration as $659 billion is depleted and new evidence of fraud has been discovered....

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