JPMorgan Chase approved to process $15 billion in new PPP loans; $3.3B already made to Texas businesses

Chase Bank New York

JPMorgan Chase & Co said on Friday the Small Business Administration has approved the bank for an additional 211,999 loans totaling about $15 billion to small business customers.

In total, the firm is expected to fund about $29 billion to over 239,000 businesses under the Paycheck Protection Program (PPP0 since its inception a little over three weeks ago, helping to support 3 million employees.

The average of these loans is $123,000 and about half the loans went to companies with fewer than 5 employees. About 75% of the loans were for under $100,000 and over 40% of the loans were for under $25,000, according to a press release.

In Texas, JPMorgan Chase has made loans to 27,400 businesses at an average loan size of $120,000 totaling $3.3 billion

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 “Thousands of dedicated JPMorgan Chase technologists, bankers and others worked tirelessly over the past 30+ days to support the federal government in one of the largest and most ambitious emergency lending facilities in history,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.

On April 24, President Trump said a second measure aimed at helped businesses and organizations impacted by the COVID-19 pandemic.

Most of the funding in the bill would flow to small business through the Paycheck Protection Program, which provides money to small businesses to keep workers on their payroll.

Anchoring the bill is the Trump administration’s $250 billion request to replenish a fund to help small- and medium-size businesses with payroll, rent and other expenses. This program provides forgivable loans so businesses can continue paying workers while forced to stay closed for social distancing and stay-at-home orders.

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“We know that small businesses across our country have been profoundly impacted by the crisis, and we are proud to play a role in providing much needed help – helping to secure $29 billion of loans to 239,000 businesses in need,” said Jennifer Roberts, CEO of Chase Business Banking. “In partnership with the government, we’ve followed their direction to deploy this relief as quickly as possible and agree with their tightening of eligibility requirements so that funding truly goes to those that need it most.” – FWBP Staff, Associated Press