JPMorgan, one of the nation’s largest lenders, began accepting applications for loans from the federal government’s Paycheck Protection Program (P3) on Friday (April 3). according to Reuters. The news service said the announcement was posted on the bank’s website.

This development is a change from that of JPMorgan previous note in an email Thursday (April 2) that the bank would not be ready to start processing loans on Friday.

One of the criteria for acceptance by the New York-based bank is that applicants must be customers of a Chase commercial checking account since at least February 15. In addition, they cannot have applied for a similar loan from another financial institution (FI).

Thusday, CNBC reported that Chase had told his clients that they would likely be ready to accept loan applications on Friday (April 3). According to CNBC, the SME loan program is a key part of the $ 2 trillion stimulus package that President Donald Trump enacted last week to help save an economy that has had to shut down due to the coronavirus.

CNBC said the $ 2 trillion stimulus package enacted last week by President Donald Trump is the key to saving an economy that has ground to stop the coronavirus.

Treasury Secretary Steven Mnuchin said banks should start distributing $ 350 billion in loans just after midnight on Friday, and said the loans did not have to be repaid.

In a recent survey, Main street locked out, PYMNTS signaled the urgent need to get money out of the door and put it back into the hands of struggling businesses. The survey of more than 200 small and medium-sized businesses at the end of last month found that there was only enough money on hand to spend the next three weeks before getting lines of credit or personal loans.