{"id":507657,"date":"2021-06-29T09:03:30","date_gmt":"2021-06-29T13:03:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need\/"},"modified":"2021-06-29T09:03:30","modified_gmt":"2021-06-29T13:03:30","slug":"wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need\/","title":{"rendered":"Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need"},"content":{"rendered":"<p>        <!--.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p>\nWells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need\n<\/p>\n<p><i>Company commits to donate approximately $420 million of PPP gross processing fees; helps keep more than 1.7 million Americans employed<\/i><\/p>\n<p>SAN FRANCISCO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWells Fargo today announced it provided approximately 282,000 Paycheck Protection Program (PPP) loans through its 2020 and 2021 lending to support small businesses trying to survive the COVID-19 pandemic. Total lending was nearly $14.0 billion helping keep 1,739,000 Americans employed. The average loan amount for customers was $50,000, the lowest among all large financial institutions*, and 42% of loans were for small businesses in low-to-moderate income neighborhoods, or those historically underserved.\n<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20210629005655\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210629005655\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210629005655\/en\/888364\/4\/SB_1.jpg\" alt=\"Male small business owner holding a sign that says \u201cCome in we\u2019re open.\u201d (Photo: Wells Fargo)\" \/><\/p>\n<p style=\"font-size:85%\">Male small business owner holding a sign that says \u201cCome in we\u2019re open.\u201d (Photo: Wells Fargo)<\/p>\n<\/div>\n<p>\nIn its work with the PPP starting in April 2020, Wells Fargo reported:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n282,000 funded PPP loans totaling nearly $14.0 billion helping keep 1,739,000 Americans employed\n<\/li>\n<li>\n$50,000 \u2013 average loan size, the lowest among all large financial institutions*\n<\/li>\n<li>\n95% of loans were under $150,000\n<\/li>\n<li>\n79% of loans were under $50,000\n<\/li>\n<li>\n95% of loans were for companies with fewer than 20 employees\n<\/li>\n<li>\n85% of loans were for companies with fewer than 10 employees\n<\/li>\n<li>\n42% of loans were for small businesses in low-to-moderate income neighborhoods, or those historically underserved\n<\/li>\n<li>\nCreated the Wells Fargo <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fstories.wf.com%2Fhelping-entrepreneurs-stay-open-for-business&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=Open+for+Business+Fund&amp;index=1&amp;md5=15a94b270c337a902c64567abef4195f\">Open for Business Fund<\/a>, now a roughly $420 million small business recovery effort by committing to donate all gross processing fees from PPP loans funded in 2020\n<\/li>\n<\/ul>\n<p>\n\u201cOur goal from the very beginning of the PPP was to help as many small businesses as we could as they are a vital part of our economy, and we admire the unwavering grit and perseverance they\u2019ve displayed throughout the last year,\u201d said Mary Mack, CEO of Consumer and Small Business Banking at Wells Fargo. \u201cAs soon as the CARES Act was signed announcing the PPP, our team quickly jumped into action. In addition to the teams who work with small businesses every day, we tapped thousands of Wells Fargo employees from across the company who quickly pitched in so they could help customers get PPP loans. The PPP was truly a cross-Wells Fargo effort, and that spirit carries on today as we continue to support those small businesses on their road to recovery.\u201d\n<\/p>\n<p><b>Support for diverse small businesses beyond the PPP<\/b><\/p>\n<p>\nSupport for small businesses over the last year extended past the PPP. In 2020, Wells Fargo provided accommodations to nearly 50,000 small business customers, totaling $143 million in deferred payments. Overall, the Open for Business Fund is expected to help Community Development Financial Institutions (CDFIs) and nonprofits enable $1 billion in available financing and 7.5 million hours of technical assistance for small business owners, helping them close the gap on rent, utilities and employee pay, while accessing expertise to adapt their business for the future. Through May 31, 2021, the Open for Business Fund is helping preserve a projected 90,000 jobs.\n<\/p>\n<p>\nWells Fargo also invested $50 million to enable minority depository institutions (MDIs) to stimulate economic growth in Black and African American communities in 2020 and 2021 as a part of the bank\u2019s larger commitment to foster an inclusive recovery. Since that time, 13 MDIs have been named to receive equity investments.\n<\/p>\n<p>\nAnd, through the Wells Fargo campaign <i>\u201cWe made a way. Together,\u201d<\/i> small business owners looking for support can visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.wellsfargo.com%2Ftogether&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=www.wellsfargo.com%2Ftogether&amp;index=2&amp;md5=a554451fc5a4e82f0cd65674b4d07fa4\">www.wellsfargo.com\/together<\/a> to read tips and ideas on how to weather the storm, and identify funding options and resources they may need in the coming months. The site also features inspiring stories of resilience from others who have made a way to keep their doors open through one of the toughest economic downturns in history.\n<\/p>\n<p>\n*U.S. Small Business Administration\n<\/p>\n<p>\nAbout Wells Fargo\n<\/p>\n<p>\nWells Fargo &amp; Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth &amp; Investment Management. Wells Fargo ranked No. 30 on Fortune\u2019s 2020 rankings of America\u2019s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwellsfargo.com%2Fstories&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=Wells+Fargo+Stories&amp;index=3&amp;md5=33aa0f39c12c969d0688517747845805\">Wells Fargo Stories<\/a>.\n<\/p>\n<p>\nAdditional information may be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wellsfargo.com%2F&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=www.wellsfargo.com&amp;index=4&amp;md5=b8f86e3f38071b6525de17b9180994fc\">www.wellsfargo.com<\/a> | Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fwellsfargo&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=%40WellsFargo&amp;index=5&amp;md5=718ca1a1b3738e1fa8f600831400ddb7\">@WellsFargo<\/a>.\n<\/p>\n<p>\nCautionary Statement about Forward-Looking Statements\n<\/p>\n<p>\nThis news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the \u201cForward-Looking Statements\u201d discussion in Wells Fargo\u2019s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo\u2019s other reports filed with the Securities and Exchange Commission, including the discussion under \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=52452520&amp;newsitemid=20210629005655&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=6&amp;md5=b40fb3cb0f690f7388d4f741538046d4\">www.sec.gov<\/a>.\n<\/p>\n<p><b>News Release Category: <\/b>WF-SB\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210629005655r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210629005655\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210629005655\/en\/<\/a><\/span><\/p>\n<p><b>Media<br \/>\n<\/b><br \/>Allison Vail, 704-770-8374<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Allison.vail@wellsfargo.com\">Allison.vail@wellsfargo.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Small Business Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210629005655\/en\/888364\/3\/SB_1.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Male small business owner holding a sign that says \u201cCome in we\u2019re open.\u201d (Photo: Wells Fargo)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need Company commits to donate approximately $420 million of PPP gross processing fees; helps keep more than 1.7 million Americans employed SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Wells Fargo today announced it provided approximately 282,000 Paycheck Protection Program (PPP) loans through its 2020 and 2021 lending to support small businesses trying to survive the COVID-19 pandemic. Total lending was nearly $14.0 billion helping keep 1,739,000 Americans employed. The average loan amount for customers was $50,000, the lowest among all large financial institutions*, and 42% of loans were for small businesses in low-to-moderate income neighborhoods, or those historically underserved. This press release features multimedia. View the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-507657","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need Company commits to donate approximately $420 million of PPP gross processing fees; helps keep more than 1.7 million Americans employed SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Wells Fargo today announced it provided approximately 282,000 Paycheck Protection Program (PPP) loans through its 2020 and 2021 lending to support small businesses trying to survive the COVID-19 pandemic. Total lending was nearly $14.0 billion helping keep 1,739,000 Americans employed. The average loan amount for customers was $50,000, the lowest among all large financial institutions*, and 42% of loans were for small businesses in low-to-moderate income neighborhoods, or those historically underserved. This press release features multimedia. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-provided-more-than-280000-paycheck-protection-program-loans-to-help-the-smallest-of-small-businesses-in-need\/","og_locale":"en_US","og_type":"article","og_title":"Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need - Market Newsdesk","og_description":"Wells Fargo Provided More Than 280,000 Paycheck Protection Program Loans to Help the Smallest of Small Businesses in Need Company commits to donate approximately $420 million of PPP gross processing fees; helps keep more than 1.7 million Americans employed SAN FRANCISCO&#8211;(BUSINESS WIRE)&#8211; Wells Fargo today announced it provided approximately 282,000 Paycheck Protection Program (PPP) loans through its 2020 and 2021 lending to support small businesses trying to survive the COVID-19 pandemic. Total lending was nearly $14.0 billion helping keep 1,739,000 Americans employed. The average loan amount for customers was $50,000, the lowest among all large financial institutions*, and 42% of loans were for small businesses in low-to-moderate income neighborhoods, or those historically underserved. This press release features multimedia. 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