Banks Made Billions On PPP Loans. Learn What They’re Doing With The Cash [Forbes]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Forbes
GettyBanks earned billions of dollars in fees from processing over 4.5 millionPaycheck Protection Program (PPP) loansThe financial institutions processing coronavirus rescue loans earn fees on a sliding scale based on the total dollar amount approved. Lenders earn 5% on loans of $350,000 or less, 3% on loans between $350,000 and less than $2 million, and 1% for loans of at least $2 million. Additionally, banks will earn a 1% interest rate on loans they hold that arenot eligible for forgivenessBut faced with mounting criticism, some banks say they won’t keep any profits. Instead, they will donate what they have earned after factoring in the cost to process the loans.Here’s where some of the largest U.S. lenders say their loan cuts will go to after accounting for expenses.ChaseLoans issued as of June 30Amount disbursedMost Popular In:Average loan sizeThe largest bank in the U.S. by asset size, JPMorgan Chase has issued the highest total dollar amount in PPP loans of any bank. Chase’s $
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JPM
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 4/25/24 - Form 424B2
- 4/25/24 - Form DEFA14A
- 4/25/24 - Form 424B2
- JPM's page on the SEC website