JPMorgan Chase has submitted greater than 225,000 functions for the second spherical of the Small Enterprise Administration’s aid program.The biggest U.S. lender continues to course of and submit functions, and plans to electronic mail shoppers because it receives responses from the SBA, Jennifer Roberts, chief of the patron unit’s business-banking division, mentioned in a observe to shoppers Wednesday.
“We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan,” Roberts wrote.The SBA’s Paycheck Safety Program, geared toward serving to the nation’s smallest companies climate the coronavirus pandemic, relaunched Monday with $320 billion of funds after an preliminary spherical of $349 billion was exhausted in simply 13 days earlier this month.JPMorgan’s submissions complete about $17.eight billion in requested funding for the second spherical, with a mean loan dimension of $81,000, in line with firm spokeswoman Trish Wexler. Within the first spherical, JPMorgan secured about $14 billion in funding, with a mean loan dimension of greater than $500,000.The biggest U.S. lenders had a whole lot of 1000’s of functions able to go when this system restarted. Financial institution of America despatched 184,000 functions from Sunday to early Monday, whereas Wells Fargo despatched greater than 100,000 functions Monday. The Trump administration mentioned Tuesday that it had accepted greater than $52 billion in loan requests, whilst lenders have been beset by glitches that slowed down the SBA’s platform.