Wells Fargo will donate all PPP fees, approx. $400M to small biz community
A statement from Wells Fargo announces their plan to help accelerate the recovery of small businesses.
Wells Fargo will donate approximately $400 million in gross processing fees from the Paycheck Protection Program (PPP) to help small businesses keep their doors open, retain employees, and rebuild through a new Open for Business Fund. The effort will engage local nonprofit organizations serving diverse small businesses, with an emphasis on Black and African American, Hispanic, Asian American and Native American businesses, among others.
This major initiative will open a new avenue for nonprofits to deliver capital, training, and long-term recovery efforts to diverse entrepreneurs who see a long road ahead.
As part of the first phase of the Wells Fargo’s new Open for Business Fund, the application is now open for Community Development Financial Institutions (CDFIs) supporting diverse businesses. Local CDFIs can use these funds to provide racially and ethnically diverse businesses, in particular, access to capital to help them reopen or stay open and sustain jobs. This effort builds on the previous Wells Fargo COVID-19 relief response, through which the Wells Fargo Foundation has already awarded over 400 grants to nonprofits serving small businesses, totaling more than $25 million since March 2020.
Here is a link to more information about the Open for Business Fund.