The Financial Times report that JPMorgan Chase has temporarily stopped accepting applications for small business loans outside the government's Paycheck Protection Program (PPP).
Citing " the bank told the Financial Times on Wednesday. "
- have had more than 375,000 requests for $40bn of loans under the $350bn small business rescue scheme
- bank now devoting all of its small business underwriting resources to processing these applications
- have "temporarily suspended" taking other applications from small businesses.
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PPP loans
- guaranteed by the federal Small Business Administration
- cover up to 2.5 times the typical wage bill at businesses with under 500 people
- can be up to 10m each
- entire amount of the loans will be forgiven if recipients can prove they used the money for wages and other approved expenses
