In an internal memo on Tuesday, JPMorgan Chase stated that. It has found evidence of the abuse of coronavirus relief funds by employees and customers and will cooperate with the authorities to investigate potential illegal activities.
Key facts
Bloomberg first reported that under the leadership of CEO Jamie Dimon. The bank’s operating committee sent an internal memo to more than 250,000 employees announcing the discovery of evidence of misconduct.
According to the memo, JPMorgan Chase stated that. It has found “customers abused PPP loans, unemployment benefits, and other government programs.”
The bank also announced that “some employees are also in short supply”. Involving the misuse of federal funds to help small businesses and other customers hurt by the coronavirus pandemic. Although the report did not provide detailed information on specific employee misconduct.
U.S. lawmakers and investigators have been warning for months of widespread abuse and fraud in PPP. And multiple perpetrators have been accused of abusing funds to buy Lamborghini and other luxury goods.
According to the Small Business Administration data, in terms of assets, JP Morgan Chase is the largest lender in the United States and the largest issuer of PPP loans, with nearly $30 billion allocated through the program.
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Key background
Fraud experts warn that given its size. The federal government’s huge $2.2 trillion coronavirus relief program is very vulnerable to abuse.
Despite this, according to the Trump administration. The plan is considered to have worked in the expected way. Saving 50 million jobs in the short term.
Just last week, a congressional group stated that it has identified thousands of PPP loans that may be subject to fraud or abuse. And that some unqualified companies have obtained funds through multiple loans or violated The regulations are reported by Reuters.
What to pay attention to
Members of Congress have been at a deadlock in expanding the pandemic relief plan for several weeks. Democrats and Republicans have not been able to compromise on the size or provisions of the next coronavirus stimulus bill. While Republicans advocate a smaller and narrower relief package.
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