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Wells Fargo To Cap SMB PPP Loans

April 06, 2020 / PYMNTS
SHARESHARESHARE

Wells Fargo announced it will begin taking loan applications on Monday (April 6) as part of the Paycheck Protection Program (PPP) and will disperse $10 billion to nonprofits and businesses with fewer than 50 employees. The country’s fourth-largest bank said it has received a lot of interest in PPP loans since the program’s opening day on Friday (April 3). It anticipates that its loan capacity will be maxed out under the program since it is operating with the current asset cap limitations. “Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership.