Chase approved to fund about $29 billion to 239,000 businesses
May 2, 2020
JPMorgan Chase announced today that it has received approval for an additional 211,000 loans through “Round Two” of the Paycheck Protection Program (PPP), totaling about $15 billion to its small business customers. In total, the firm is expected to fund about $29 billion to over 239,000 businesses under the PPP since its inception a little over three weeks ago, helping to support 3 million employees. More specifically about JPMorgan Chase’s lending through the PPP: · The average loan amount is $123,000 · About 50% of the loans went to companies with fewer than 5 employees · Over 75% of the