Wells Fargo announces SBA Paycheck Protection Program, broader assistance related to COVID-19

Wells Fargo announced the following information as they continue to help our community navigate the COVID-19 pandemic.

 

SBA Paycheck Protection Program

As of April 4, Wells Fargo customers with a business checking account can start the process by going online and expressing interest in seeking a loan with Wells Fargo. Eligible customers can log onto Wells Fargo Business Online Banking and answer a few questions. Customers will receive updates through email and we will contact them when the online application is available.

As you know there is tremendous interest in the program and we are encouraging eligible customers to continue checking the Wells Fargo Paycheck Protection Program website for up-to-date information. Please feel free to share this website with your members or others who have business checking accounts with Wells Fargo and may need assistance.

Broader assistance related to COVID-19

Like you, we are working on a daily basis to ensure we are putting measures in place to support the needs of our customers impacted by COVID-19 in the most effective ways.

We are providing assistance including fee waivers, payment deferrals, and other expanded assistance for credit card, auto, home lending (including mortgages and home equity lines and loans), small business and personal lending customers who contact us, and we will continue to communicate with customers as the situation evolves.

We encourage customers to continue making their payments if they can but are granting an immediate three-month payment suspension for any Wells Fargo Home Lending mortgage or home equity customer who requests assistance. If customers need additional assistance beyond the initial three-month payment suspension, they have the option to extend the payment suspension up to an additional three months; for a total of six months.

For customers who contact us to take advantage of a payment suspension, we won’t report past-due status to the consumer reporting agencies or charge late fees during the suspension period.

For the most up-to-date details on how customers can find assistance during this time, visit our coronavirus response website:

https://www.wellsfargo.com/jump/enterprise/coronavirus-response

 

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