Wells Fargo & Company (NYSE: WFC) announced today that beginning immediately, in response to the actions by the Federal Reserve, it will expand its participation in the Paycheck Protection Program
Wells Fargo & Company (NYSE: WFC) announced today that beginning immediately, in response to the actions by the Federal Reserve, it will expand its participation in the Paycheck Protection Program and offer loans to a broader set of its small business and nonprofit customers subject to the terms of the program.
“Wells Fargo appreciates the targeted action of the Federal Reserve to support the needs of small businesses through PPP and looks forward to expanding relief to many more small businesses and nonprofits. In the first two days alone, we received more than 170,000 indications of interest from our customers, and know there is much more need. While the asset cap does not specifically restrict Wells Fargo’s participation in this program, this action by the Federal Reserve will enable Wells Fargo to provide additional relief for our customers and communities,” said Wells Fargo CEO Charlie Scharf.
To start the process for PPP with Wells Fargo, customers must meet the overall Small Business Administration program requirements, have a Wells Fargo Business checking account as of Feb. 15, 2020, and be enrolled in business online banking. This afternoon customers will be able to begin the process through the Wells Fargo PPP website (https://update.wf.com/coronavirus/paycheckprotectionprogram/).
Given the public discussion, Wells Fargo thinks it is important that we reiterate our position on the asset cap.
“While we are pleased to be able to help more small businesses through the Paycheck Protection Program, we note that the Federal Reserve’s action does not – and should not – in any way relieve us of our obligations under the consent order,” said Scharf. “I have said consistently since arriving at Wells Fargo that management has the responsibility to do the work necessary under the consent order. The consent order exists because of deficiencies that have existed at Wells Fargo for years. The work required under the consent order is clear, has been outstanding for too long, and is a prerequisite for consideration of the asset cap being lifted. While work on our consent orders is our top priority and we are devoting all necessary resources, we still have much to do. Until our work is completed to the Federal Reserve’s satisfaction, we will continue to actively make decisions on how to allocate our balance sheet to support the needs of our customers under the existing asset cap.”
For additional and up-to-date information on how Wells Fargo is responding to the coronavirus click here.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial service company. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 261,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.