SBA sets cap on relief loans banks can process

The U.S. Small Business Administration announced a cap on the value of loans that individuals banks can issue under the Paycheck Protection Program.

Each bank can lend up to $60 billion through the expanded program. That accounts for 10% of the $600 billion allocated so far in two rounds of funding.

SBA officials said the limit is intended to keep a level playing field for smaller lenders.

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