Banks warn of 'utter chaos' in new small business lending program

A woman works on her computer at her family restaurant which is being forced to close due to the global outbreak of coronavirus in Glendale, Calif., on March 18, 2020.Lucy Nicholson / Reuters

Millions of small businesses are anxiously awaiting their slices of a $350 billion relief program that forms part of the government's $2 trillion economic support package.

However, with just hours to go before the launch, major banks are still awaiting guidance from the Treasury Department on how to lend the money — and some haven't even decided whether they will participate.

Treasury Secretary Steven Mnuchin said Thursday the program is ready to go, adding, "It is a very large priority, we want to get this money quickly into your hands."

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