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House panel blasts banks over gap in PPP processing time

October 20, 2020

A scathing report published Friday by the House Select Subcommittee on the Coronavirus Crisis illustrated the gulf in Paycheck Protection Program (PPP) loan application processing times at several large banks.

JPMorgan Chase processed PPP loans of more than $5 million in an average of 3.7 days, compared with more than 14 days for loans of less than $1 million, according to data the bank provided the panel. The bank processed applications from companies with more than 100 employees in 8.7 days on average, but took more than 14 days to process applicants with between five and 100 employees, the report showed.

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