Big U.S. banks cry foul over temporary exclusion from small business lending program [Yahoo! Finance News]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance News
FILE PHOTO: Nearly deserted Wall Street and steps of Federal Hall in lower Manhattan during outbreak of coronavirus disease COVID-19) in New YorkBy Michelle PriceWASHINGTON ) - Wall Street banks criticized the U.S. government on Wednesday after the Small Business Administration said it would temporarily close its Paycheck Protection Program PPP) for small businesses hurt by the novel coronavirus to all but the country's smallest lenders.The agency said it would only accept loans from banks with assets of $1 billion or less from 4 p.m. EDT 2000 GMT) until midnight on Wednesday. It said 5,300 lenders had originated 960,000 loans worth nearly $90 billion in total by Wednesday at 5 p.m. EDT."In addition to ensuring access for the smallest lenders, we expect that providing this reserved processing time today will enhance the SBA’s loan system performance,” the SBA and U.S. Treasury said in a statement, referring to technology problems the program has been experiencing.The move appeared to
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JPM
Earnings
- 1/13/26 - Miss
JPM
Sec Filings
- 1/20/26 - Form 424B2
- 1/20/26 - Form 424B2
- 1/20/26 - Form 424B2
- JPM's page on the SEC website