Wells Fargo Launches $400 Million Small Business Recovery Effort

The company donates all processing fees from Paycheck Protection Program to nonprofits helping entrepreneurs, minority-owned businesses

(Black PR Wire) SAN FRANCISCO--(BUSINESS WIRE)-- Following an April 2020 industry-leading commitment to donate all gross processing fees from the Paycheck Protection Program, Wells Fargo unveiled today the details of an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild. Through Wells Fargo’s new Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned businesses.