JPMorgan Chase says it has closed more small business relief loans than any other bank, but it still has a huge mountain of applications from business owners who are now in limbo.
"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 hard working Americans.
The bank has disbursed $14 billion in loans for the government's $350 billion coronavirus relief effort, according to the bank. But it has about $26 billion worth of applications from hundreds of thousands of business owners which could go forward if Congress secures more funding for the Paycheck Protection Program, it said.
"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 hard working Americans."
I hope the money flows can be tracked
CNBC as a platform for business journalism should look into this program. In this very trying time this program is not functioning as it was meant to. Those needing funds are not getting it but entities that really do not need the money are applying and receiving funds.
Why
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