4/17/2020, 11:36 PM (Source: TeleTrader)
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JPMorgan has $26B in small businesses loans on hold

JPMorgan Chase said on Friday that it has $26 billion in small businesses' loan applications on hold, waiting for United States Congress to approve additional funding for the Paycheck Protection Program to halt the impact of coronavirus.

The company already provided loans worth around $14 billion to small companies following a $350 billion COVID-19 stimulus package passed by Congress.

"Chase has secured more funding for small businesses than anyone else in the industry. We’re fully prepared to help many, many more once additional funding is approved," a spokeswoman for the bank Trish Wexler stated.

Breaking the News / GA