Larger customers of JPMorgan's commercial banking business applied for funding through the Paycheck Protection Program, and nearly all received loans.
Independent businesses struggle to survive as federal government fails to deliver payroll protection loans.
Many smaller customers, on the other hand, were left trying to input the documents themselves, the person said. In an email to clients, a JPMorgan executive said the bank unit that serves smaller firms received applications from more than 75,000 clients in the program’s first hour on April 3, and that the number grew significantly the following days.“We had more than 2,000 Chase employees work over that weekend to review these forms, contact as many people as possible, and help position them to complete their application,” said Jennifer Roberts, chief executive of the unit, Chase Business Banking.
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