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Paycheck Protection Program and Chase Business Bank: Frequently Asked Questions
Q: I heard some customers didn’t get their loan funded in the first round?
That is correct. More than 300,000 clients applied for loans. Despite thousands of people working tirelessly to help as many small businesses as possible, we were not able to process all of those applications before the SBA funds were depleted in the first round.
Chase secured more funding for small businesses than any other lender helping ensure paychecks for approximately 1.1 million hard working Americans.
Q: I heard that Chase prioritized bigger clients over smaller clients, is that true ?
No. Chase served clients as they came to us, and no business or client segment was prioritized over another. In Chase Business Banking, we serve millions of smaller businesses. We set up a digital application to process as many loans as possible from our queue, understanding that a given loan may take more or less time to review. We made every effort to serve as many clients as possible, in a race against time and limited funding.
Q: Did Chase make loans to smaller businesses?
Chase Business Banking is especially proud to have secured funding for smaller businesses.
- About half of our PPP loans have been for less than $100,000
- More than 60% went to clients with less than 25 employees
- 80% of our PPP loans have been for businesses with less than $5M in revenue
Q: I heard you’re telling some customers to apply at other lenders. Why?
Chase Business Banking alone received more than 300,000 applications, and worked day and night to process as many as possible. When appropriate, we told some applicants that there was an extremely large volume ahead of them, so they could decide if they would like to try applying with another lender.
All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender
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