The Federal Reserve said Wednesday that it will “temporarily and narrowly modify” the asset cap on Wells Fargo so the bank can lend more under the SBA Paycheck Protection Program.
“Due to the extraordinary disruptions from the coronavirus, the Federal Reserve Board on Wednesday announced that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses,” the central bank said.
The Fed said the change will only allow the bank to make additional loans under the SBA PPP and the Federal Reserve’s upcoming Main Street Lending Program.
Additional details were not disclosed, and it's not yet clear how much more the company will be able to lend under PPP.
