I can’t get over this. SBA is straight-up circumventing the plain reading of the PPP statute by limiting the most important benefit for borrowers.

“While Congress passed a law saying X, we have a better idea.”

Why are they doing this? Simple: everyone knows the program will be oversubscribed. $350B is going to go very quickly, and SBA is trying to compensate by limiting the benefit.

For more on how this change could impact borrowers, here’s a thread
https://twitter.com/lettieridc/status/1245735083157356545?s=21 https://twitter.com/lettieridc/status/1245735083157356545