Wells Fargo (NYSE:WFC) is targeting to distribute a total of $10B to small business customers under the requirements of the CARES Act’s paycheck protection program.
It will focus on serving nonprofits and small businesses with fewer than 50 employees.
The company has received forms from customers expressing interest in the PPP that it expects will fill the its capacity to lend under the program, as it continues to operate under existing asset cap limitations.
The bank also said that it will distribute fees generated through the program as charitable grants to nonprofits that support small businesses.
Wells Fargo will review all expressions of interest submitted by customers via its online form through April 5 and provide them with updates in the coming days.