Banks warn of 'utter chaos' in new small business lending program
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 — and some still haven’t even decided whether they will participate.
"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury," Chase Bank said in an email to business customers, referring to the Small Business Administration. "As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped."
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