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Stock impact report

Crony Capitalism: Why The Best-Connected Businesses Got Much Of The SBA Coronavirus Cash [Forbes]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Forbes
The paycheck protection program was meant to help struggling small businesses hit by COVID-19. Instead, a lot of the money went to those with the best relationships — not the neediest or most deserving.With additional reporting and editing by Janet Novack.On April 3, just a week after being authorized by the CARES Act, PPP began accepting applications for $349 billion in money. Ormond immediately submitted his request for $557,000 to JPMorgan Chase, Families First’s regular bank. His banker, he says, told him the practice was the fourth business in Salt Lake City to apply. Under the terms of PPP, loans equal to 2.5 months of an applicant's average 2019 payroll (with a maximum $100,000 per worker in salary counted) are guaranteed by the Administration and will be forgiven, tax free, so long as all workers are kept on at full pay for eight weeks after the loan is issued and 75% of the money is spent on payroll, with the rest going to certain items such as mortgages, rent or utilities. Show less Read more
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