JPMorgan Chase probably unable to accept small business loan applications Friday: memo

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) emailed many small business customers on Thursday to tell them it is still awaiting federal guidance on the small business loans program Congress approved last week, and it may not be ready to accept applications when the program launches on Friday.

“Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped,” according to the email seen by Reuters and verified by a bank spokeswoman.

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