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JPMorgan Finds Some Workers Improperly Pocketed Relief Funds

  • Bank employees said to receive funds from SBA’s EIDL program
  • Workers among people who got loans meant for small businesses
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JPMorgan Finds Some Workers Improperly Took Relief Funds
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JPMorgan Chase & Co. found that some of its employees improperly applied for and received Covid-relief money that was intended for legitimate U.S. businesses hurt by the pandemic, according to a person with knowledge of the matter.

The bank discovered the actions, all of which were tied to the Economic Injury Disaster Loan program, after noticing that suspicious amounts of money had been deposited into checking accounts owned by bank employees, said the person, who asked not to be identified because the information is private. The findings prompted an unusual all-staff message from JPMorgan Tuesday that puzzled many across the industry for its candid admission of potentially illegal acts by some of its own while not describing what they had done.