JPMorgan says it has $26 billion in small business relief applications awaiting funding
JPMorgan Chase says it has closed more small business relief loans than any other bank, but it still has a huge mountain of applications from business owners who are now in limbo.
"Chase has secured more funding for small businesses than anyone else in the industry," spokeswoman Trish Wexler said in a statement. "We're fully prepared to help many, many more once additional funding is approved. We're proud to support businesses that collectively employ more than a million hard working Americans.
The bank has disbursed $14 billion in loans for the government's $350 billion coronavirus relief effort, according to the bank. But it has about $26 billion worth of applications from hundreds of thousands of business owners which could go forward if Congress secures more funding for the Paycheck Protection Program, it said.
"Chase has secured more funding for small businesses than anyone else in the industry," spokeswoman Trish Wexler said in a statement. "We're fully prepared to help many, many more once additional funding is approved. We're proud to support businesses that collectively employ more than a million hard working Americans."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Where the Stimulus Loans for Small Businesses Are GoingThe federal government has so far approved loans and grants worth nearly $250 billion for more than one million businesses impacted by the coronavirus outbreak under its small business relief program.
Read more »
Small-business loan fund for coronavirus relief is set to run dry todayA $349-billion federal relief program for U.S. small businesses is expected to run out of money Wednesday afternoon, with many still waiting for a lifeline.
Read more »
Funding Exhausted for $350 Billion Small-Business Paycheck Protection ProgramFunding has been exhausted for the $350 billion Paycheck Protection Program as talks continue on adding funds to the small-business relief plan
Read more »
Small-Business Aid Package Excludes Many Franchises in Coronavirus CrisisFranchise companies that collectively provide jobs for hundreds of thousands of workers are locked out of stimulus funding because of how the Small Business Administration is interpreting the relief package’s rules.
Read more »
Fed's Bostic: Small business may need up to $500 bln monthly in support through crisisU.S. small businesses may need as much as $500 billion a month to fully ensure their survival through the widespread closures and disruptions slamming their revenue during the coronavirus crisis, Atlanta Federal Reserve bank President Raphael Bostic said Thursday.
Read more »
Stimulus program for small businesses runs out of money as Congress remains at odds over more fundsA stimulus program set up to prevent small businesses from shuttering and their employees from going on unemployment officially ran dry Thursday morning, less than two weeks after launching.
Read more »