The program, created in response to the 2008 financial crisis, generated $19 billion in small-business loans. It could be used as a viable path out of the coronavirus pandemic.
The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages.
Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.
The pandemic won’t halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing.
In a rare show of unity, banking industry and consumer advocacy groups told congressional leaders that it is not too late to ensure individuals can access all of their coronavirus relief funds promised by the government.
Once it starts reopening offices around the world, it "will continue to prioritize the safety of our employees, customers and communities," Citigroup President Jane Fraser said.
