Big banks are accused of favoring more lucrative small business loans in coronavirus program [CNNMoney.com]
JP Morgan Chase & Co. (JPM)
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Source: CNNMoney.com
Big banks accused of favoring more lucrative small business loans in coronavirus program New York (CNN Business) Four of America's biggest banks have been accused of harming thousands of coronavirus-hit small businesses by unfairly prioritizing emergency loan requests from large customers to earn fatter fees. Bank of America ( BAC ) , Wells Fargo, JPMorgan Chase and US Bank were sued Sunday for allegedly failing to process forgivable loans in the $349 billion Payroll Protection Program (PPP) on a first-come first-served basis. Shake Shack, Ruth's Chris and other chain restaurants got big PPP loans when small businesses couldn't Each bank "concealed from the public that it was reshuffling the PPP applications it received and prioritizing the applications that would make the bank the most money," each of the four lawsuits said. As a result of this "dishonest and deplorable behavior," the lawsuit said thousands of small businesses "were left with nothing" wh
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JPM
Earnings
- 10/14/25 - Beat
JPM
Sec Filings
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- 12/5/25 - Form 424B2
- JPM's page on the SEC website