Wells Fargo has a long history of being a strong partner to the small business community, and never before has there been a clearer need for the strength of this partnership. The hundreds of thousands of applications we received for the Paycheck Protection Program (PPP) are a clear expression of that need. Small businesses represent the true spirit and backbone of our country. They are essential to the ongoing economic strength of our country and to the communities they serve.
Preparing for Loan Forgiveness
To help customers plan for PPP loan forgiveness, we are developing new resources to guide business owners through the necessary steps. Visit our PPP loan forgiveness page for updates on how to prepare and apply for PPP loan forgiveness as additional guidance becomes available from the U.S. Small Business Administration (SBA).
We continue to support our customers in other ways beyond the PPP, including fee waivers, increases to lines of credit, and through our philanthropic efforts aimed at the wider small business community.
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.
Small businesses, including sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal business concerns, and Veterans’ organizations, that:
- Meet the SBA eligibility requirements
- Were in business on or before February 15, 2020
- Had employees to whom they paid salaries and for whom they paid payroll taxes or that paid independent contractors
- Have a Wells Fargo business checking account as of February 15, 2020
- Are enrolled in Wells Fargo Business Online® OR have Commercial Electronic Office® (CEO®) access
Loan proceeds must be used for eligible PPP expenses. A full list of these expenses can be found on the SBA website.
If you received a PPP loan through Wells Fargo, your next step will be to complete a PPP loan forgiveness application, also through Wells Fargo. The application will be online only so please visit the PPP loan forgiveness page for regular updates and access to the application when available. Wells Fargo will not accept paper applications for loan forgiveness.
The loan amounts are eligible to be forgiven, in full or in part, if the SBA’s requirements are met. To view more information on the loan forgiveness and how you can prepare for this next step in the process, visit the SBA website.
- We will continue to prepare applications we have already received, although we do not know if funding allocated by Congress will be sufficient to meet the needs of all applicants.
- If you haven’t done so already, we strongly encourage you to complete and return to us any documentation we have already requested from you.
- We are continuing to process loans we submitted to the SBA where we have already received the SBA’s response.
We will continue to keep applicants updated on their status by email.
Because all applications are being handled online, our phone and branch bankers unfortunately will not be able to provide updates on the status of your 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.
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 SBA website for additional guidance or resources regarding eligibility, use of proceeds, application procedures and documentation required to participate.
If you receive a suspicious email or text message, don’t respond, click on links, or open attachments. Please know that we won’t ask for confidential information—such as your card PIN, access code or online banking password—if we reach out to you. Learn more about avoiding scams