Wells Fargo Closes Application for Paycheck Protection Program Loans Early
Updated: Apr 10, 2020
Today, Wells Fargo has announced that it is no longer accepting applications for the Paycheck Protection Program ("PPP"), as described under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Any requests for loans submitted after April 5 will not be considered, according to the bank. The application period under the PPP program's guidelines is intended to run until June, 2020.
As of the date of this article, Wells Fargo has indicated that it had received applications that total more than $10 billion, the maximum the bank planned to offer under the program. This limitation is partly due to the Federal Reserve's cap imposed in 2018 due to discoveries of consumer abuses caused by Wells Fargo. The bank has currently petitioned the Federal Reserve to temporarily lift this cap, however no such change has been made nor is expected.
Budletter will continue to monitor the situation and provide updates as they arise.
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