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Stock impact report

'It's not right what they're doing': Smallest businesses feel big banks are shutting them out of stimulus loan program [USA TODAY]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: USA TODAY
CLOSEThe White House and congressional leaders reached a $484 billion deal to help small businesses, hospitals and coronavirus testing.USA TODAYCONNECTTWEETLINKEDINEMAILMOREThe nation’s very small businesses, which say they largely have been shut out of a federal program aimed at keeping them afloat during the coronavirus pandemic, are hoping for a fairer shake in a second round of rescue money.reportedly reached a deal Tuesday to increase funding for the Paycheck Protection Program (PPP) by about $300 billionYet banks are generally incentivized to favor larger small businesses over smaller ones, experts say, and the legislation that created the PPP program may be helpless to stop it.The program provides small business loans of up to $10 million to keep workers on staff and pay other operating costs. As long as 75% of the money is for payroll and the businesses retain employees -- or rehire those laid off -- the amount of the loan covering eight weeks of expenses is forgivable.When do Show less Read more
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