JPMorgan Chase & Co. says it has $26 billion in small business relief applications lined up for when Congress approves more funding for the Small Business Association (SBA’s) popular Paycheck Protection Program (PPP).
The New York-based global financial services company boasted on Friday (April 17) that it has closed more small business relief loans than any other lender, and they have more SMBs waiting for assistance, according to a CNBC report.
“Chase has secured more funding for small businesses than anyone else in the industry,” spokeswoman Trish Wexler said in a statement. “We’re fully prepared to help many, many more once additional funding is approved. We’re proud to support businesses that collectively employ more than a million hardworking Americans.”
The PPP is part of the $2.3 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted by Congress last month. The initiative was so popular that the original $349 billion intended to keep small businesses afloat amid the COVID-19 virus ran out of money on Thursday (April 16) after being available for less than a week.
Half of JPMorgan’s loans were under $140,000, and more than 60 percent were distributed to companies with fewer than 25 workers, the bank said.
U.S. Senator Charles Schumer (D-New York) was optimistic about receiving a second infusion of cash totaling $250 billion under consideration on Capitol Hill. He told CNBC that Democrats and the White House could “soon” have a deal on a new COVID-19 stimulus package.
The Senate’s ranking Democrat said both sides plan to work through the weekend to hammer out their differences. “We’ve had constructive talks,” Schumer told the MSNBC program “Morning Joe” on Friday (April 17), as reported by CNBC. “They’re going to continue through the weekend, and I don’t see any reason why we can’t come to an agreement soon.”