JPMorgan receives more than 500 PPP funds, dozens fake


A man enters JPMorgan Chase & Co.'s headquarters in New York on 21 September.

Photographer: Michael Nagle / Bloomberg

More than 500 JPMorgan Chase & Co. employees were assisted by taxpayers with the aim of helping businesses through the epidemic – and dozens of them shouldn’t, according to people with knowledge of the firm’s internal investigations.

The discovery of so many people in the largest and most profitable American bank had caused the economic injury disaster loan program to spark suspicion inside the company and hastily shut down investigations that had not been reported to the fullest extent previously. Bloomberg broke the news earlier this month that at least The program was misused by some employees.

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