JPMorgan Chase Approved to Fund About $29 Billion to 239,000 Businesses
May 01 2020 - 11:50AM
Business Wire
JPMorgan Chase announced today that it has received approval for
an additional 211,000 loans through “Round Two” of the Paycheck
Protection Program (PPP), totaling about $15 billion to its small
business customers. In total, the firm is expected to fund about
$29 billion to over 239,000 businesses under the PPP since its
inception a little over three weeks ago, helping to support 3
million employees.
More specifically about JPMorgan Chase’s lending through the
PPP:
- The average loan amount is $123,000
- About 50% of the loans went to companies with fewer than 5
employees
- Over 75% of the loans were for under $100,000
- Over 40% of the loans were for under $25,000
JPMorgan Chase is proud to have secured approval for loans to
small businesses in all 50 states. For example, approximate loans
by state include:
- Arizona: 10,500 businesses at an average loan size of
$116,000 totaling $1.2 billion
- California: 46,800 businesses at an average loan size of
$98,000 totaling $4.6 billion
- Florida: 18,500 businesses at an average loan size of
$81,000 totaling $1.5 billion
- Illinois: 19,500 businesses at an average loan size of
$113,000 totaling $2.2 billion
- Michigan: 9,300 businesses at an average loan size of
$151,000 totaling $1.4 billion
- New York: 50,800 businesses at an average loan size of
$136,000 totaling $6.9 billion
- Ohio: 7,100 businesses at an average loan size of
$159,000 totaling $1.1 billion
- Texas: 27,400 businesses at an average loan size of
$120,000 totaling $3.3 billion
Jamie Dimon, chairman and CEO of JPMorgan Chase, said today:
“Thousands of dedicated JPMorgan Chase technologists, bankers and
others worked tirelessly over the past 30+ days to support the
federal government in one of the largest and most ambitious
emergency lending facilities in history.”
Since this crisis began, the firm’s goal has been to help as
many small business customers as possible. We know how important
capital is to their business, and we are trying to do all we can to
help. The firm will also continue to work with additional small
businesses whose applications are actively being processed.
“We know that small businesses across our country have been
profoundly impacted by the crisis, and we are proud to play a role
in providing much needed help – helping to secure $29 billion of
loans to 239,000 businesses in need,” said Jennifer Roberts, CEO of
Chase Business Banking. “In partnership with the government, we’ve
followed their direction to deploy this relief as quickly as
possible and agree with their tightening of eligibility
requirements so that funding truly goes to those that need it
most.”
The vast majority of these loans went to some of America’s
smaller businesses, including Community Wellness Ventures, a
mental health services company that serves children and families in
Washington D.C. Their PPP loan was approved this week and will help
Dr. Charlayne Hayling-Williams and her husband Dr. Rod Williams
continue to pay their counselors, social workers, psychologists and
housing specialists.
“I own two restaurants in New York City which have been
completely shuttered,” said Paula Vargas, proprietor of
family-owned El Coyote Restaurant. “I did not apply
initially because my father and brother were in the hospital with
the Coronavirus, battling for their lives. Chase not only helped me
every step of the way with the application process, but did so at
any time of the day or night. This loan will be able to put us back
on the market and provide relief for our 60 employees and their
families.”
JPMorgan Chase will continue to help customers and communities
during this crisis. The firm has provided payment deferrals and fee
waivers on credit lines, loans, business credit cards and checking
accounts to customers facing financial hardship.
To help those hit hard by the crisis, since March, JPMorgan
Chase has made an initial $200 million global business and
philanthropic commitment to support vulnerable and underrepresented
communities, existing nonprofit partners and underserved small
businesses. Additionally, just this week the firm is providing an
additional $50 million in low-cost, long-term capital to a
Community Development Financial Institution, Grow America Fund, so
they can support small businesses in underserved communities that
need capital to cover expenses such as rent and employee salaries.
Finally, the firm does not intend to earn a profit from PPP and
remains fully committed to supporting programs that help small
businesses – especially minority-owned businesses and underserved
communities that have been economically impacted by the
pandemic.
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version on businesswire.com: https://www.businesswire.com/news/home/20200501005431/en/
Media Contacts: Trish Wexler
patricia.a.wexler@jpmorgan.com
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