Small-business loan program ran out of money within minutes, some banks say [MSNBC.com]
JP Morgan Chase & Co. (JPM)
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Source: MSNBC.com
Much of the $350 billion inthe Small Administration's emergency coronavirus relief fund"We didn't even get through the first five minutes of applications," a JPMorgan Chase senior banking executive said.The bank received over 60,000 applicants for the Paycheck Protection Program within those first five minutes, a senior executive at Chase said.When funds ran dry after less than two weeksAfter reports revealed details about which companies had been successful in securing emergency funding, small-business owners across America were apoplectic about having never made their way to the front of the line.But according to some large lenders, there was no time for a line. The CEO of an independent bank told NBC it was like “a stampede through the eye of a needle.”A senior Bank of America executive said that, on the first day alone, the bank received over 10,000 applications per hour. The bank had just "thousands" of those approved by the SBA, CEO Brian Moynihan said during an earnings call
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