JPMorgan Has $26 Billion in Small Business Relief Applications in Need of Funding
JPMorgan Chase has distributed more than $14 billion in stimulus loans, but says it needs $26 billion more in funding to service the needs of business owners.
The big bank claims it closed more small business loans than any other financial institution, according to CNBC. However, it still has about $26 billion worth of applications from hundreds of thousands of business owners it could service if Congress agrees to add funds to the Paycheck Protection Program.
Almost half of JPMorgan’s loans made were for less than $140,000 and more than 60% were targeted at companies with fewer than 25 workers.
“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.”