JPMorgan Chase doubtless will not have the ability to settle for small enterprise mortgage purposes on Friday: memo

FILE PHOTO: A lady walks previous a JPMorgan Chase financial institution in Instances Sq. in New York Metropolis, United States, March 7, 2019. REUTERS / Brendan McDermid / File Picture

NEW YORK (Reuters) – JPMorgan Chase & Co JPM.N emailed many small enterprise shoppers on Thursday to inform them he is nonetheless ready for federal recommendation on the small enterprise online loans program authorized by Congress final week, and will not be prepared to simply accept purposes when this system launches on Friday.

“Monetary establishments like ours are nonetheless ready for recommendation from the SBA and the US Treasury. Consequently, Chase most likely will not have the ability to begin accepting purposes on Friday, April 3, as we had hoped, ”in line with the e-mail seen by Reuters and verified by a financial institution spokeswoman.

Reporting by Elizabeth Dilts Marshall; Enhancing by Chris Reese


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