Chase warns PPP applicants of backlogs ahead of stimulus funding

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May 2, 2020 Chase is warning PPP applicants about backlogs ahead of the latest stimulus package. JPMorgan Chase is telling some customers applying for Paycheck Protection Program loans that they might have more success applying elsewhere. The initial $350 billion allocated to the PPP was depleted within two weeks, and many are concerned that will happen again, given the massive backlog of applications — that makes it important for banks to set clear expectations among applicants. And while Chase's approach isn't a solution to these concerns, we think its transparency is a good move, as it will help temper customer expectations. Business Insider Intelligence's Rachel Green has the full story. NEW: Chart of the Day BII and eMarketer have launched a new daily newsletter packed with data and key statistics on the biggest trends in today's most disruptive industries. Click below to join! Get Chart of the Day → BRIEFING HIGHLIGHTS The SBA will cap PPP loan dollar amounts per bank The Small Business Administration will cap the dollar amount each bank can lend through the Paycheck Protection Program. Read More → Pfizer and BioNTech's coronavirus vaccine enters human trials A potential vaccine for the coronavirus codeveloped by Pfizer and BioNTech has entered human trials in Germany, and may be tested in the US next week. Read More → Facebook launches Zoom-like features to capitalize on video chat surge Facebook launched a suite of video features, including Zoom competitor "Messenger Rooms," as it looks to boost engagement. Read More → UnitedHealth to purchase telemental health startup AbleTo UnitedHealth is expected to purchase mental healthcare upstart AbleTo, which could help fend off criticism about its subpar mental health coverage. Read More → Google Cloud could have acquisition opportunities amid the pandemic The coronavirus allows Google Cloud to double down on its acquisition strategy as late-stage startups are vulnerable to worsening economic conditions. Read More → HSBC and Lloyds see a spike in mobile check deposits amid the lockdown HSBC and Lloyds are seeing a rise digital check deposits via mobile apps, as UK consumers are encouraged to stay home amid the pandemic. Read More → The pandemic gives network operators the chance to expand B2B services The pandemic has opened an opportunity for network operators like AT&T and Verizon to expand their range of B2B services. Read More → Demand for immersive experiences in quarantine could push VR adoption Consumers stuck at home are turning to virtual, immersive experiences, presenting a unique opportunity to accelerate virtual reality adoption. Read More → The SBA gave banks with less than $1 billion in assets exclusive access to the PPP The SBA closed the PPP to big banks for 8 hours on Wednesday, only accepting applications from financial institutions with less than $1B in assets. Read More → Mastercard lays out road to recovery for payments volume Mastercard CEO Ajay Banga laid out the four phases spending may progress, shedding light on what it will take for its performance to rebound. Read More → RESEARCH IN FOCUS The Rise of Banking-as-a-Service Business Insider Intelligence looks at the benefits banks stand to gain by offering BaaS platforms, discusses key players in the industry that have already successfully launched BaaS platforms, and recommends strategies for financial institutionss looking to move into BaaS. Get the full report → Telemental Health Report This report explores how the onus of the US' mental health crisis falls on health systems and hospitals, and how they can navigate the costly dilemma via telemental health. We dive into challenges providers are presented with amid the crisis and how traditional mental health strategies are falling short in addressing them. Get the full report → Global Small Business Neobanks Report Business Insider Intelligence explores the key factors driving an explosion of neobank activity in the SMB segment and the strategies these upstarts are leveraging to capture shares of this lucrative banking vertical. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Business Insider Intelligence has to offer? Our Briefing subscriptions deliver analysis on the biggest trends and decisions shaping the future of a specific industry. Stay on top and subscribe today to receive: A cornerstone industry report Daily Morning newsletters Opportunities to join the conversation Get Started Today → FOLLOW US Email sent to: ipat39@gmail.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006