Fed eases Wells Fargo asset cap for small business loans

New York (AFP) – The US Federal Reserve permitted Wells Fargo to boost loans to small businesses harmed by coronavirus shutdowns Wednesday amid fresh signs of trouble in the rollout of a massive aid program.The Fed said it would “temporarily and narrowly” lift punitive restrictions on Wells Fargo imposed after a fake accounts scandal in light of the crisis facing small businesses.Wells Fargo, the nation’s third-largest bank by assets, had previously said it was limited to lending $10 billion under the new Paycheck Protection Program (PPP) because the Fed in February 2018 imposed an asset cap o…

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