WASHINGTON—The Trump administration has updated guidelines for forgiving federally backed loans to help small businesses survive the coronavirus outbreak—but they don’t address some stickier issues plaguing lenders and borrowers.

The new rules, released by the Treasury Department and Small Business Administration late Friday, warned businesses and lenders that it may review Paycheck Protection Program loans “of any size at any time in SBA’s discretion,” signaling an intention to closely monitor how businesses spend funds from…

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