JPM has announced that it is cutting its small business loan program. The move is the latest in a series of cuts the bank has made to its lending program in response to the economic downturn.
The news comes as the Trump administration has been pushing for more lenders to lend to small businesses, with President Trump saying that lenders have been too quick to pull back on lending.
JPM has said that while it still believes in the importance of small business lending, it has had to make tough decisions in order to remain profitable.
The move could have a negative impact on the economy, as small businesses are a major driver of economic growth. It could also have a negative impact on the long-term viability of the banking sector, as banks are increasingly relying on fees and other non-interest income to make up for declining loan revenues.
It is yet another sign of the economic uncertainty caused by the pandemic, and could be a sign of more tough times ahead for the banking sector.