JPMorgan Chase Has Massive Small-Business Loan Backlog

JPMorgan Chase (NYSE: JPM) claims to have originated more emergency small-business loans than any other bank, but it still has approved less than half of the total funding that small businesses have applied for.

The bank, according to CNBC, has a backlog of hundreds of thousands of businesses that have asked for roughly $26 billion in total loan volume.

Last week, the $350 billion Paycheck Protection Program (PPP) that was part of the $2 trillion stimulus bill and administered through the U.S. Small Business Administration ran out of money. 

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Source Fool.com