Demand is huge for the Payroll Protection Program for small businesses impacted by the coronavirus. FOX Business’ Edward Lawrence with more.
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The Federal Reserve on Wednesday said it would temporarily ease its asset cap on Wells Fargo & Co. to encourage the bank to lend to small businesses harmed by the outbreak of coronavirus.
The central bank said it would “temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses.”
BANK OF AMERICA LOOSENS CRITERIA FOR SMALL BUSINESS PANDEMIC LOANS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & COMPANY | 30.16 | +1.39 | +4.81% |
Wells Fargo has faced restrictions on its balance sheet growth for more than two years, the result of widespread compliance failures at the lender.
