JPMorgan says now accepting applications for federal loan program

FILE PHOTO: A woman passes by a JPMorgan Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - JPMorgan Chase & Co JPM.N, the largest U.S. lender by assets, started accepting at Friday midday applications for loans from the federal government's paycheck protection program, according to a post on the bank's website.

The bank said applicants must not have any outstanding applications for the same type of loan pending with another financial institution. The bank is also requiring applicants to have an active Chase business checking account since at least Feb. 15.

Reporting By Elizabeth Dilts Marshall; Editing by Chizu Nomiyama