Syndication: Farmington
NEW YORK (AP) — The Federal Reserve is lifting its lending restrictions on Wells Fargo after some of the bank’s thousands of small business customers were shut out of a program that’s supposed to throw them a financial lifeline.
The Fed’s action will allow Wells to make more loans under the $349 billion Paycheck Protection Program that launched last week as well as the Fed’s own upcoming small business lending program.
Wells, one of the largest small business lenders in the country, quickly hit its Fed-imposed $10 billion threshold on PPP loans, leaving customers to scramble to find another bank that would lend to them under the program.
