Testifying before Congress for the second time this week, Small Business Administration chief Aida Alvarez on Thursday announced a "top-to-bottom review" of the popular 7(a) loan program.

The agency's main lending program has experienced a number of problems this year, including running out of funds. To conserve funds, Ms. Alvarez in April limited loans under the program to $500,000. But before those curbs took effect, 1,200 loans exceeding the cap were made; 422 exceeded $1 million.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.