JPMorgan Chase approved to process $15 billion in new PPP loans

NEW YORK (Reuters) – JPMorgan Chase & Co said on Friday that it received government approval to process roughly $15 billion in loans through the Small Business Administration’s Paycheck Protection Program, bringing its total number of funded loans through the program to about $29 billion.

The latest batch of loans approved by the SBA will go to 211,000 business customers, the bank said. In total, the bank expects to issue PPP loans to 239,000 business customers, with the average loan amount being $123,000.

Created as part of a $2.3 trillion congressional economic relief package, the SBA’s program allows small businesses hurt by the outbreak of the novel coronavirus to apply for government-guaranteed, forgivable loans with participating banks.

(Reporting By Elizabeth Dilts Marshall)