Coronavirus: US small business loans won't be ready because of chaotic government handling, banks warn

Banks warn that the $350bn lending program to help small businesses struggling with the impact of coronavirus won't be ready in time for Friday's launch.

Lenders say that the Trump administration has not provided necessary guidelines for the program, while also setting unworkable requirements for the loans.

They say that Treasury Secretary Steven Mnuchin set an unrealistic deadline for the roll out, and that the rules they have been given could delay what is supposed to be a rapid response for as long as several weeks.

More to follow...