UPDATE 1-Big U.S. banks to be temporarily locked out of small business lending program - SBA [Reuters (UK)]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
Big U.S. banks to be temporarily locked out of small business lending program - SBA - Reuters 3 Min Read WASHINGTON (Reuters) - The Small Business Administration on Wednesday said it would be temporarily closing its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country’s smallest lenders, in a bid to give them fair access. The agency said it would only accept loans from banks with assets of $1 billion or fewer as of 4 p.m. EDT (2000 GMT) on Wednesday, lasting through to midnight. “SBA and Treasury will evaluate whether to create a similar reserved time again in the future,” the SBA said. The move appeared to be aimed at addressing fears that very small banks, and lenders that predominantly serve businesses owned by people of color, would have to compete with big banks for the program’s more than $310 billion pot of cash, after they exhausted a pot of money ring-fenced for them on Tuesday. There are approximately 3,862 commercial ba
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- JPM's page on the SEC website