Wells Fargo will soon begin lending again to small businesses negatively impacted by coronavirus through the federal, forgivable loan program known as the Paycheck Protection Program. The bank had stopped lending earlier this week.
In a statement issued Wednesday, the Fed announced it is easing the growth restrictions first imposed on Wells Fargo in 2018 due to ongoing scandal. The Fed is allowing Wells to participate only in emergency programs designed to help companies harmed by COVID-19 and reports the so-called asset cap will be reinstated once the emergency programs are inactive. In addition, any profit gained from these loans are to be donated to Fed-approved nonprofits or returned to Treasury to aid businesses in crisis.
Existing Wells Fargo customers can apply here provided the following criteria are met:
- You must have Wells Fargo Business Online®, or Commercial Electronic Office in order to apply.
- Express interest in seeking a PPP loan by logging onto Wells Fargo Business Online® or Commercial Electronic Office® (CEO®) and clicking on “Get Access to the Paycheck Protection Program.
For Wells Fargo loans, you will not be able to submit your application through the federal or SBA websites.
