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 actions did the bank take after discovering misconduct among its employees?

How did the bank discover the suspicious activities related to the relief funds?

What was the purpose of the loans and grants given out by the government?

What warning did the Small Business Administration give to banks regarding potential misuse?

What findings did the Inspector General for the Small Business Administration report?