SAN FRANCISCO – (COMMERCIAL THREAD) – Wells Fargo & Company (NYSE: WFC) today announced its goal of distributing a total of $ 10 billion to small business customers in accordance with PPP requirements and will focus on serving two customer segments: non-profit organizations and small businesses with less than 50 employees. The company has received forms from clients expressing interest in the PPP which it believes will fulfill the company’s ability to lend under the program as it continues to operate within existing asset cap limits.
“Since the onset of this health crisis, Wells Fargo has provided substantial credit and liquidity to our customers to help them through these uncertain times. In March alone, we made nearly $ 70 billion in new and increased commitments and outstanding loans to customers, including consumers, small businesses and businesses in the United States. In addition, we have deferred more than 700,000 payments, representing nearly $ 1.8 billion, and granted more than 750,000 fee waivers, in excess of $ 28 million, to our customers affected by this event.
“Today, the company continues to operate under an asset cap imposed by its regulator due to the actions of past executives. While we actively seek to build balance sheet financing capacity to lend, we are limited in our continued ability to use our strong capital and liquidity position to extend additional credit. Since joining the company, I have made it clear that we will allocate all the resources necessary to do the work required by our regulators and we are in the process of doing so.
“We are committed to helping our clients during these unprecedented and difficult times, but we are limited in our ability to serve as many clients as we would like under the PPP. While all businesses have been affected by this crisis, small businesses with fewer than 50 employees and associations often have fewer resources. Therefore, we are focusing our efforts under the Paycheck Protection Program on these groups, ”said Charlie Scharf, CEO of Wells Fargo.
The company also announced that the fees generated by the program will be distributed as charitable grants to nonprofits that support small businesses, which is at the heart of Wells Fargo’s philanthropic efforts.
Wells Fargo will review all expressions of interest submitted by customers through our online form through April 5 and provide updates to them in the coming days.
Wells Fargo continues to meet the needs of customers and the community through a series of actions:
The company has suspended residential property foreclosure sales, evictions and involuntary repossessions of automobiles. The company is also offering fee waivers, payment deferrals and other extensive help to credit card, car, mortgage, small business and personal loan customers affected by COVID-19 who contact the company.
In addition, Wells Fargo continues to take steps to serve customers, while putting the safety of employees and customers first. The company is temporarily closing some branches, adjusting branch opening hours, relocating employees to busier branches, and using the car instead of the lobbies whenever possible. Customers can check out Wells Fargo’s branch locator for ATM locations and branch status and can use mobile and online banking tools almost anywhere 24 hours a day, seven days a week. Wells Fargo continues to allow as many employees as possible to work from home, while enforcing social distancing and other security measures for employees entering an office or branch.
As previously announced, the Wells Fargo Foundation will provide $ 175 million in charitable donations to help solve problems with food, housing, small business and housing stability, and to help public health organizations struggling to contain the spread of COVID-19. In addition, the company offers:
$ 1 million to Feeding America to support their 200 member food banks in their work to feed people during this time of crisis.
$ 1 million for the CDC Foundation to meet emerging needs, including additional support for state and local health services, a global response and other necessities.
$ 250,000 to International Medical Corps for its work in more than 30 countries, with more than 7,000 public health workers deployed around the world. A majority of the funding will be allocated to the local market response, including supporting local public health authorities and responding to specific community needs over the coming months.
In 2019, Wells Fargo invested $ 455 million in grants funding national organizations to deliver large-scale, nonprofit programs that specifically meet the needs of local markets.
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 diverse, community-based financial services company with $ 1.9 trillion in assets. Wells Fargo’s vision is to meet the financial needs of our customers and help them achieve financial success. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and business 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 doing 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 # 29 in the 2019 Fortune Rankings of America’s Largest Companies. Wells Fargo news, insights and insights are also available at Wells Fargo Stories.