Fed eases Wells Fargo’s asset cap to boost bank’s SBA relief lending – WSOC TV
Sophia Hammond
Updated on April 03, 2026
The Federal Reserve said Wednesday that it will adjust the asset cap on Wells Fargo & Co., so the bank can lend more under the Small Business Administration’s 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.
The easing of the asset cap is expected to be good news for Wells Fargo’s small-business customers who have been frustrated in getting SBA PPP loans after the bank closed the window on such lending Sunday night, once it exhausted its $10 billion in lending capacity for the SBA relief program.
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