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Wells Fargo Targets To Distribute $10 Bln Under Paycheck Protection Program

Wells Fargo & Co. (WFC) announced Monday that it is targeting to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program or PPP after receiving strong interest during the COVID-19 crisis.

The company will focus on serving two segments of its customer population, such as nonprofits and small businesses with fewer than 50 employees.

The company also announced that fees generated through the program will be distributed as charitable grants to nonprofits that support small businesses, which is a focus of Wells Fargo's philanthropic efforts.

Wells Fargo will review all expressions of interest submitted by customers via online form through April 5 and provide them with updates in the coming days.

Wells Fargo said that since the beginning of this health crisis, it has provided substantial credit and liquidity to customers to help them weather these uncertain times.

The company noted that in the month of March alone, it extended nearly $70 billion in new and increased commitments and outstanding loans to customers including consumers, small businesses, and companies in the US.

In addition, the company have deferred more than 700,000 payments, representing almost $1.8 billion, and provided over 750,000 fee waivers, exceeding $28 million, for customers impacted by this event.

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