By Tyler Durden | 22 April 2020
ZERO HEDGE — While JPMorgan provided loans to virtually all of their commercial banking customers who applied for coronavirus relief through the small business program, their business banking unit – which serves smaller firms – only funded around 6% of applications for the Paycheck Protection Program (PPP), according to Bloomberg.
Of the bank’s more than 300,000 small business customers who applied, only around 18,000 were funded according to the report. Meanwhile, around 5,500 of the bank’s commercial banking customers – nearly all of them, received loans through the small business lending program.
In total, JPMorgan originated a total of $14 billion in loans through the program. […]