Wells Fargo to Expand Participation in the Paycheck Protection Program (PPP)
April 08 2020 - 12:44PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200408005615/en/
Media Catherine Pulley, 202-258-0706
catherine.pulley@wellsfargo.com
Jennifer Langan, 213-598-1490
jennifer.l.langan@wellsfargo.com
Investor Relations John Campbell, 510-385-2125
john.m.campbell@wellsfargo.com
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