Wells Fargo pledges USD 400 mln for small business support following PPP payout

Friday 10 July 2020 10:19 CET | News

Wells Fargo has announced donations over USD 400 million toward helping small businesses recover from the coronavirus pandemic.

The announcement came after the company stated giving away all proceeds from its participation in the Payroll Protection Program. At least USD 28 million is earmarked for non-profit community lenders catering to Black entrepreneurs, according to Reuters.

More than half of all small business owners do not expect to grow revenue over the next 12 months, a Wells Fargo survey found. The pandemic has shuttered Black-owned businesses at twice the rate of small businesses overall. As of June 2020, Wells Fargo funded USD 10.1 billion in PPP loans and focused its participation on smaller business owners.

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Keywords: Wells Fargo, US, United States, small business, PPP, payout, coronavirus, pandemic, Payroll Protection Program, community lenders, black entrepreneurs
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech