JPMorgan says it has handled US$17.8 billion under emergency aid program

NEW YORK/WASHINGTON: JPMorgan Chase & Co said it has submitted roughly 220,000 applications worth US$17.8 billion to the Small Business Administration's Paycheck Protection Program to help small businesses hurt by the coronavirus shutdown.

However, big banks say they are still in the dark about the status of one-off bulk submissions of 5,000 or more loans they made this week as a result of a last-minute change to the submission rules. The SBA is processing those for the banks to reduce strain on the system, but it remains unclear if they have been approved, banks said.Advertisement

The decision angered big banks, which are sitting on hundreds of thousands of applications from small businesses and which had been criticized by policymakers for failing to get funds to needy clients during the program's first round.

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