A JPMorgan (NYSE:JPM)
spokesperson spins it as the bank devoting all resources to processing
loan requests under the government’s hastily put-together Paycheck
Protection Program.
A cynic might note
that the PPP scheme is turning into a nice profit center for the banks,
and that the loans are fully guaranteed by the government. Why bother
underwriting anything else – particularly if you expect declining asset
values and a wave of bankruptcies soon to flood the U.S. court system.
https://seekingalpha.com/news/3559653-jpmorgan-halts-non-government-guaranteed-small-business-loans
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