U.S. Senate panel chair questions JPMorgan over allegations of loan misuse

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The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles

WASHINGTON (Reuters) – The head of the U.S. Senate Small Business panel on Thursday questioned JPMorgan chase & Co’s chief executive following reports that several bank employees misused federal loans aimed at helping businesses weather the COVID-19 pandemic.

In a letter to chief executive Jamie Dimon, committee chairman Marco Rubio asked for details of the company’s investigation by Sept. 23 as well as other information on steps the bank is taking related to the allegations over the Paycheck Protection Program and expanded Economic Injury Disaster Loan programs.

(Reporting by Susan Heavey; Editing by Chizu Nomiyama)

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