As small businesses continue to feel the impact of these unprecedented times and work to figure out the next steps for their business, Wells Fargo is committed to helping owners navigate these challenges. As the backbone of the United States, small businesses are essential to the ongoing economic strength of our country and to the communities they serve.
Paycheck Protection Program Loan Forgiveness Center
To help business owners prepare documentation and apply online for their PPP loan to be forgiven, visit the new Wells Fargo PPP Loan Forgiveness Center. With step-by-step instructions and answers to Frequently Asked Questions, this online resource center will be updated regularly with the latest guidance from the U.S. Small Business Administration (SBA). Customers will also receive an email when the Wells Fargo PPP loan forgiveness application is available online. There will be ample time for business owners to prepare and complete the online application, so they can focus on documenting how they used their PPP funds to pay for eligible expenses during their covered period.
Important updates on the Paycheck Protection Program
According to the U.S. Small Business Administration (SBA), June 30, 2020 is the last day the SBA will approve Paycheck Protection Program (PPP) loan applications and provide lenders PPP guarantee numbers. We continue to process PPP loan applications that received a guarantee number by June 30, 2020.
Signed into law on June 5, 2020, the new Paycheck Protection Program Flexibility Act (PPPFA) modifies several aspects of the program to help business owners with weathering the COVID-19 crisis. As the SBA provides additional details on the PPPFA, we’ll continue to update the PPP Loan Forgiveness Center.
The information contained in this page was created based on laws, rules and regulations, as well as related guidance with respect to the Paycheck Protection Program, including from the U.S. Small Business Administration (SBA). This page was last updated on June 26, 2020 and incorporates SBA guidance up to that date. In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.
This program gives small businesses access to short-term cash flow assistance to help cover operating expenses and keep employees. These loans will come directly from Wells Fargo and be guaranteed by the U.S. Small Business Administration (SBA), so you’ll still be working with the bank you know and trust.
We continue to process PPP loan applications for which the SBA has already provided an approval and guarantee, and will inform all applicants of their PPP loan application outcome through an email or letter.
If you have received a SBA guarantee number by June 30, 2020, we will continue to work with you on your PPP loan application. Our branch and phone bankers will not be able to provide updates on the status of your online PPP loan application.
If your PPP loan has not yet been funded and you need to withdraw a PPP loan application, please login to Wells Fargo Business Online®. Select the link within the alert notification that reads “Need to cancel an application?” and submit a PPP withdrawal form. Once submitted, you will see a confirmation message and later receive an email of your request to withdraw your PPP loan application.
If you are a Commercial Electronic Office® (CEO®) customer, please call 1-800-AT-WELLS (1-800-289-3557) option 2, and your request will be processed to withdraw your PPP loan application.
Once you submit a request to withdraw an application, you cannot reverse it.
You must apply for PPP loan forgiveness through your PPP lender. If you received a PPP loan through Wells Fargo, please do not attempt to submit a PPP loan forgiveness application form downloaded from the SBA site.
All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Business Online Banking® or Commercial Electronic Office®. We will notify you once the Wells Fargo PPP loan forgiveness application becomes available.
If you received a PPP loan through Wells Fargo, your loan numbers will be automatically pre-filled for you within the application. You will not need to have it ahead of time to be able to apply for forgiveness.
We will soon provide additional details on the information and documents required for your loan forgiveness application to help guide you through the process. Be prepared to provide documentation for all your eligible expenses when you complete your application.
To learn more about your next steps, please visit the Wells Fargo PPP Loan Forgiveness Center.
If you’d like to make a complete payoff of your PPP loan and are using Wells Fargo Business Online® or you are a Wealth & Investment Management customer, please call 1-800-225-5935. If you are a Commercial Banking customer, please contact your relationship team or call 1-800-AT-WELLS (1-800-289-3557) option 1, and then follow the prompts for loans. If you would like a letter confirming the payoff of your loan, you may request one at the time of payment or afterwards using the same contact numbers provided. Customers requesting a complete payoff of their PPP loan will be responsible for paying all outstanding principal as well as any accrued interest.
Please refer to the SBA website for additional guidance on paying off your PPP loan.
Please visit the Wells Fargo PPP Loan Forgiveness Center. For additional guidance or resources regarding eligibility, use of proceeds, application procedures and documentation required to participate. You may also visit the SBA website for additional information.
Yes, eligible business owners may also apply to the Main Street Lending Program. The Federal Reserve Board designed the Main Street Lending Program to support small and midsize businesses that require additional financial support after receiving a PPP loan or for eligible business owners who were unable to access funds through the PPP.
The Main Street Lending Program and Paycheck Protection Program are two distinct programs offered through the Coronavirus Aid, Relief, and Economic Security (CARES) Act to address the economic fallout of the COVID-19 pandemic in the United States. Learn more about the Main Street loan sizes, terms, and eligibility requirements based on the latest information from our Main Street Lending Program overview for Frequently Asked Questions.
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