JPMorgan’s PPP problems — Real-estate billionaires abandon Trump — Capital One’s tech overhaul

Happy hump day.

It appears a reckoning is coming for those who abused the federal government’s Paycheck Protection Program.

Bloomberg reported on Tuesday that JPMorgan issued a company-wide note that acknowledged some customers misused their PPP loans and that “some employees have fallen short, too.”

The memo, which was also seen be Business Insider, also said the bank was cooperating “with law enforcement where appropriate.”

In many ways, the memo could be a sign of bigger things to come. Back in May, Reuters reported the US Justice Department subpoenaed the big banks regarding potential misuse of PPP loans. 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco. 

SAUL LOEB/AFP via Getty Images

Election Day is around the corner and some of President Donald Trump’s biggest supporters in 2016 from the real-estate industry have been notoriously quiet. 

Daniel Geiger and Alex Nicoll have all the details on how major real-estate executives who supported President Trump last election have looked to distance themselves this time around.  

Click here to read the full story.

Photo by Mitchell Layton/Getty Images

Rosalie Chan has all the details on how Capital One looked to Amazon Web Services to overhaul its technology. Click here to read what exactly went into the massive tech transformation at the bank. 

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Melio

We’ve talked before about how much focus has been given to startups helping companies pay their bills and manage their finances. Amy Borrett wrote about Melio, a payments company that helps SMBs manage paying suppliers and handling cash flow. Read about the startup’s $80 million Series C here.  

View original article here Source

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