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NEW YORK (Reuters) – JPMorgan Chase & Co (N:JPM) said in an email to small business clients late on Wednesday that it had submitted roughly 220,000 applications this week to the Small Business Administration for the Paycheck Protection Program.
The email went out to customers whose loan applications had been submitted.
The bank said the applications requested, in total, more than $17.8 billion in relief.
The average loan size was around $81,000, and roughly half of the loan applications were filed by businesses with fewer than five employees, the bank said. About 80% of the applications were for amounts less than $100,000 and about 40% were for less than $25,000.
