JPMorgan Chase & Co said it has submitted roughly 220,000 applications worth $17.8 billion to the Small Business Administration’s Paycheck Protection Program to help small businesses hurt by the coronavirus shutdown. The bank shared the number in a memo sent to customers late on Wednesday that was apparently meant to address a decision by the government to temporarily shut the program to big banks. In an email to Reuters on Thursday, JPMorgan said the average loan size was around $81,000, and roughly half of the applications were filed by businesses with fewer than five employees.

Read More At Article Source | Article Attribution