Wells Fargo, the third-largest bank in Atlanta, is again accepting applications for federal relief loans from small businesses hit by the coronavirus shutdown.
As part of the $2.2 trillion stimulus package, banks are originating $349 billion in loans to small businesses. Wells Fargo stopped accepting loan applications this weekend after a huge wave of interest in the program threatened growth restrictions placed on the bank in 2018 after its fake-accounts scandal.
On Tuesday, the Federal Reserve Bank said it would temporarily waive the restrictions so Wells Fargo could make the small-business loans.
The loans will be forgiven if proceeds are used to pay idled workers and monthly rent. Congress and the White House may approve more funding as the current program could soon run out of money.
Business owners have reported problems submitting the applications amid technical problems with the Small Business Administration's application website. More than 275,000 applications for loans totaling $75 billion had been submitted by Tuesday afternoon.
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