Banks warn of chaotic launch of small business lending program

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Banks are warning that a $350 billion lending program for struggling small businesses won't be ready when it launches Friday because the Trump administration has failed to provide them with the necessary guidelines and has set requirements for the loans that are unworkable.

The lenders complain that Treasury Secretary Steven Mnuchin boxed them in with an unrealistic deadline and that the ground rules they've been given for the program, which is intended to deliver rapid aid to a huge number of ailing businesses, could delay the assistance for weeks or longer.

Read this article from Politico

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