JPMorgan Finds Some Workers Improperly Took Relief Funds

JPMorgan Chase discovered that some employees improperly applied for and received pandemic relief funds intended for small businesses. This misconduct was identified during a sweep of individual accounts, leading to a companywide message that caught Wall Street's attention. The Small Business Administration (SBA) had previously warned banks to be vigilant, and investigations revealed significant amounts of aid were misused, including duplicate payments and funds to phantom firms.

What led to the discovery of bank employees misusing relief funds?

• A routine audit of all bank transactions

• A government investigation into the bank's practices

• A sweep of individual accounts revealing suspicious deposits

• An anonymous tip-off from a whistleblower

What was unusual about the bank's companywide message?

• It detailed new security measures

• It praised employees for their hard work

• It admitted to potentially illegal acts by employees

• It announced a merger with another bank

What concern is raised about the misuse of relief funds?

• The misuse was limited to a single bank

• The funds were not enough to support small businesses

• The misuse might be widespread across other banks

• The funds were only given to large corporations

What role did the Small Business Administration (SBA) play in the relief fund distribution?

• They warned banks to monitor for misuse

• They directly distributed all funds to businesses

• They had no involvement in the distribution process

• They provided funds only to large corporations

What did the Inspector General find regarding the distribution of aid?

• Aid was only given to eligible small businesses

• Over 250 million in aid went to ineligible recipients

• All aid was distributed correctly

• No duplicate payments were made