JPMorgan Chase & Co has given out more than $30 billion in loans to over 250,000 businesses as part of the United States' coronavirus aid program for small businesses, Chief Executive Officer Jamie Dimon said in a memo on Tuesday.
JPMorgan, the largest U.S. bank, approved more than $45 billion in new credit for its clients impacted by the COVID-19 pandemic in March and April, Dimon said in a memo to stakeholders.
Dimon said the size of the average loan under the Paycheck Protection Program (PPP) was $122,000 and half of the loans went to companies with fewer than fiv...
On May 15, the Small Business Administration (SBA) released the long-awaited Payroll Protection Program Forgiveness Application. Under the Payroll Protection Program (PPP) entrepreneurs may apply to have up to 100 percent of their loan forgiven. However, the SBA has failed to give clear guidance on the details of loan forgiveness, and this has caused entrepreneurs to question what they need to do to prepare for PPP loan forgiveness.
The new application provides clarity on a few points.
Time Period for Forgiveness
You must spend the money on authorized expenses i...
The Paycheck Protection Program was supposed to help struggling small businesses weather pandemic fallout, but many business owners claim they were sidelined by big banks instead.
Business Insider found that at least five separate class action lawsuits have been filed in federal court against banking giants including JPMorgan Chase, US Bank, Bank of America, and Wells Fargo. Another class-action suit omits US Bank and names CitiBank instead.
Five of the lawsuits usesimilar language, arguing that the banks "prioritized corporate greed" in how t...