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Wells Fargo Faces Government Investigations Into COVID-19 Paycheck Protection Loans

SAN FRANCISCO (CBSNEWS.COM) - Wells Fargo on has disclosed that federal and state authorities are investigating its lending practices under a key small business relief effort to combat the economic damage from the novel coronavirus.

Wells Fargo coronavirus
Precaution signs are on display at a Wells Fargo bank as the coronavirus continues to spread across the U.S. (Cindy Orcredit: d/Getty Images)

Wells Fargo did not offer details on the probes, saying only that government agencies are looking into loans it made through the government's $660 billion Paycheck Protection Program, or PPP, which offers forgivable 1% interest loans to businesses with fewer than 500 workers. The banking giant also said that some of the inquires have progressed to the formal stage. Wells Fargo made the disclosure in its quarterly earnings filing with the Securities and Exchange Commission.

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