Wells Fargo gets federal inquiries over handling of PPP loans

(Reuters) – Wells Fargo & Co (WFC.N) said on Tuesday it has received inquiries from federal agencies over its loan offerings under the Paycheck Protection Program (PPP), a federal coronavirus relief program.

The company has received “formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans,” Wells Fargo said in a regulatory filing. (bit.ly/3b6ctuF)

Small businesses have also filed lawsuits against U.S. banks including Wells Fargo, JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) alleging unfair practices in processing loans under the program, including prioritizing larger loans over smaller ones.

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