Wells Fargo gets federal inquiries over handling of PPP loans

(Reuters) – Wells Fargo & Co 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. (https://bit.ly/3b6ctuF)

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

(Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber)