They lengthened a huge amount of borrowing from the bank, waived charges and you may defer personal debt repayment, and you may have been the leader in getting Income Safety System (PPP) financing in order to smaller businesses
Yes, definitely, it is a fact that high bodies strategies dramatically assisted someone, businesses (in addition to finance companies) and the cost savings full. But it is plus correct that banking institutions performed gorgeously into the COVID-19 drama. By contrast, nonbanks was in fact employed in instances of illegitimate PPP fund and Economic Burns Disaster Mortgage direction, as well as stimulus currency ripoff, will within costs almost five times the ones from old-fashioned banking companies. For you:
- JPMorgan Chase is actually this new #1 PPP bank – along side longevity of the application, we funded over eight hundred,000 finance totaling more $forty million.
- Due to the fact , i postponed money owed and reimbursed charges for over step three.5 billion customer profile – refunding more $250 billion for almost dos million consumer put and you can financing membership and you may offering postponed money and you can forbearance toward over dos million financial, vehicle and you may credit card membership, representing whenever $90 billion inside funds. (more…)