Chase, "CARES Act"

Summary

This Chase web page on the SBA Paycheck Protection Program, last updated April 3rd, 2020 8 p.m. ET, tells business customers how to apply for a PPP loan through Chase and says funds are limited and subject to availability from the SBA. To apply, a customer needed an existing Chase Business checking account active since February 15, 2020, and could not already have received a PPP loan from Chase or applied for one at another financial institution. The page says the minimum loan amount is $1,000 and the maximum is determined based primarily on payroll-related costs but cannot exceed $10 million. It says forgiveness is not automatic, requires documentation and certification that the funds were used for SBA-qualifying purposes, and that only 25% of the forgiven amount may be for non-payroll purposes; the borrower is responsible for any amounts not forgiven.

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Last Updated: April 3rd, 2020 8 p.m. ET

Small Business Administration (SBA)

Paycheck Protection Program

You may be eligible for a loan under the Small Business Administration’s (SBA) new Paycheck Protection Program. The program is designed to provide small businesses access to capital for payroll and other overhead costs . Funds are limited and subject to availability from the SBA.

You'll need to follow the steps below, log in and tell us how to contact you so we can gather the information to take your application.

We appreciate the partnership with the Small Business Administration and the U.S. Treasury Department that helped us to stand this up so quickly, so that we can begin to help our customers in need.

BEFORE YOU GET STARTED

You’ll need to meet this criteria:

- You have an existing Chase Business checking account that’s been active since February 15, 2020.
- You’re authorized to borrow on behalf of the business.
- You haven’t already received a Paycheck Protection Program loan from Chase and you haven’t applied for one from another financial institution.
- The minimum loan amount is $1,000, and the maximum amount is determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies.
- You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).
- Other restriction may apply

The loan may be eligible for forgiveness, but subject to SBA requirements

- Forgiveness is not automatic. You may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes as permitted by the SBA. If you request forgiveness, you must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes. The amount forgiven may be subject to certain limitations and reductions in certain circumstances; for example if you have reductions in number of employees or employee compensation, and only 25% of the forgiven amount may be for non-payroll purposes.
- The borrower will be responsible under the loan for any amounts not forgiven.
- The SBA may limit the timeframe by which you’ll need to ask for forgiveness.

What you need to know about the Paycheck Protection Program

On March 31st, the Treasury Department provided updated information about this program. We encourage customers to visit the small business section of the Treasury Department CARES website . This is not a link to apply.

Are you a Commercial Bank Client?

To protect yourself from scams , please know that we won’t ask for confidential information—such as your name, password, PIN or other account information—if we reach out to you. See the Federal Trade Commission’s advice .

Other Covid Resources

Every Business Needs a Contingency Plan - Article

Making Sure Your Business is Ready - Webinar

Corona Virus Research

All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited. JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender

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