Small Business Administration Paycheck Protection Program

As business owners continue to feel the impact of these unprecedented times and work to figure out their next steps, Wells Fargo is committed to helping our customers navigate these challenges.

Important Paycheck Protection Program (PPP) Updates

Wells Fargo is no longer accepting new applications for the Paycheck Protection Program in order to have time to process and submit recently completed applications to the Small Business Administration by the August 8, 2020 due date. We will continue to work closely with our PPP loan customers with their loan forgiveness options in the coming months.

To help business owners prepare for PPP loan forgiveness, the Wells Fargo PPP Loan Forgiveness Center includes 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 for loan forgiveness, so they can focus on documenting how they used their PPP funds to pay for eligible expenses during their covered period.

As the SBA provides additional details on the “Paycheck Protection Program Flexibility Act” (Flexibility Act) passed on June 5th, we’ll continue helping our PPP loan customers understand how these changes may impact their business. The Flexibility Act aims to provide small business owners with more time to spend loan funds on eligible expenses and qualify for loan forgiveness.

The information contained on this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA). We will periodically update this information, so please check back often. You may even want to consider bookmarking this page.

In the event of any discrepancies between the information on this site and the SBA’s site, please follow the 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.

No, Wells Fargo is no longer accepting new applications for the Paycheck Protection Program in order to have time to process and submit applications in progress to the Small Business Administration by the August 8, 2020 due date.

Loan proceeds must be used for eligible payroll and nonpayroll expenses as listed on the Wells Fargo PPP Loan Forgiveness Center.

We continue to process PPP loan applications that were initiated prior to July 25, 2020. We will inform all applicants of their PPP loan application outcome through an email or letter.

You will receive an email from Wells Fargo advising if additional information is needed to proceed, or if we are unable to complete your application. For example, we will email you if we need your agreement to a loan amount, or we may send you a promissory note requiring signature. Please monitor your emails daily for notifications from Wells Fargo and respond promptly. Our branch and phone bankers will not be able to provide updates on the status of your online PPP loan application.

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 Wells Fargo Business Online® 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.

To help you prepare for the PPP loan forgiveness application, please review the recommended supporting documents on 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 may be responsible for paying all outstanding principal as well as any accrued interest.

According to guidance from the Small Business Administration (SBA), if you repaid your PPP loan in full at any time before you apply for loan forgiveness, you are not eligible for PPP loan forgiveness. If you repaid part of your PPP loan amount, you may request forgiveness up to the full amount of the original PPP loan.

All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Wells Fargo Business Online® or Commercial Electronic Office®. We will notify you once the Wells Fargo PPP loan forgiveness application becomes available.

Please refer to the SBA website for additional guidance on paying off your PPP loan.

According to guidance from the Small Business Administration (SBA), if you repaid your PPP loan in full at any time, you are not eligible for PPP loan forgiveness. If you repaid part of your PPP loan principal amount, you may request forgiveness up to the full amount of the original PPP loan.

All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Wells Fargo Business Online® or Commercial Electronic Office®. We will notify you once the Wells Fargo PPP loan forgiveness application becomes available.

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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