US Treasury guidance on lending package due to go live in around 12 hours

The US Treasury has issued the required information to banks to begin lending under the small business package.

Details of the package are here ICYMI:

• US coronavirus economic package small business lending program begins Friday

The program is scheduled to begin Friday morning US time. Banks have said they are unprepared as they were awaiting this guidance from Treasury. Its here now, just published, 30 pages of it and 12 hours or so to implement. Its a big ask, what with regulatory requirements and what have you.

I suspect that while banks will accept applications as they begin Friday morning they'll take the weekend to get systems into place.