US agencies tightened the rules on a popular emergency lending program for small businesses Thursday, and gave large chains two weeks to return funds following a public uproar. Companies that inappropriately received funding under the Paycheck Protection Program (PPP) have until May 7 to return the funds to the US Small Business Administration, the Treasury Department said in the updated guidelines. Applicants to the program "must certify in good faith that their PPP loan request is necessary," the guidelines said, but it is up to the companies -- not the banks -- to weigh whether they have access to other funding sources.
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