Statement From Wells Fargo on the Paycheck Protection Program

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) has issued the following statement:

“We are doing everything we can to help our small business customers navigate this difficult and uncertain time. Over the past week we have mobilized hundreds of Wells Fargo employees and launched new automation and technology so we can process the extremely high volume of Paycheck Protection Program (PPP) applications. Today the SBA announced that the $349 billion in congressional funding for the PPP has been fully allocated to thousands of participating lenders, of which Wells Fargo is one. We will continue to prepare applications in our existing pipeline from small and mid-size businesses and will submit them to the SBA when funds become available. Given the magnitude of the crisis the country is facing, we are hopeful that Congress will approve additional funds for the PPP and we will continue accepting new applications so we will be ready to proceed if and when that happens. We stand ready to help the hundreds of thousands of customers waiting for this much needed assistance during these unprecedented times.”

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 services company with $1.98 trillion in assets. 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 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 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.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.