Paycheck Protection Plan Requests Must File Through Bank, But Wells Fargo Is Pushing Boca, Delray, Boynton Customers Away
BOCA RATON, FL (BocaNewsNow.com) — Wells Fargo is pushing business customers hoping to file PPP — paycheck protection program — claims away. The highly publicized federal program is supposed to offer no-interest SBA loans, which may ultimately NOT need to be paid back — but Wells Fargo is apparently unable to process the claims.
Business customers throughout the region are sharing the following email from Wells Fargo which apparently wants its customers to go elsewhere.
The PPP program is “first come, first served” which has created a rush for businesses to seek a share of the funds available under the program.
It is the latest major problem for Wells Fargo which continues to rehabilitate its image after bankers were accused of routinely opening accounts that customers never authorized.
Update on your interest in a Paycheck Protection Program application
We want to keep you informed on your interest in the Paycheck Protection Program application through Wells Fargo.
Due to high demand, we are not able to begin your application at this time, but you remain in our queue based upon when you submitted your initial interest.
All applications for the Paycheck Protection Program loans will be online only. We will continue to send you email updates frequently so you are informed on the status of your request for an application. Our branch and call center teams aren’t able to answer any questions about this status.
What you need to apply
You will be asked to provide supporting documentation, such as
- Payroll tax filings
- Payroll Tax form 941
- Form 1099-Misc
- Income and expenses from a sole proprietorship
You may be able to apply elsewhere
There is a limited amount of funds approved by the SBA for the Paycheck Protection Program. Because Wells Fargo is targeting to distribute a total of $10 billion to small businesses with fewer than 50 employees and nonprofits, you may want to apply elsewhere to increase your chances of receiving a loan before the funds run out. Visit the SBA website to find a full list of participating lenders you can contact.
Keep in mind that each business may only receive one loan through the Paycheck Protection Program.
`We will continue to keep you updated through email.
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