Hey Small Business Owners...What are you doing to ride the storm out?

[Papachief]

Originally Posted by mililo4cpa

I heard rumor that WF was not going to take apps, it then I thought they had. I have no real evidence either way. At any rate, contact your relationship manager if you have one....

There is a letter up on the website that states they are now only going to issue up to 10B to businesses of 50 or less and non profits. They claim they have the capacity to loan 385B but they are under an asset cap which stems from the past leadership and there actions. They are going to donate all the proceeds from the loans they do fund to charity. You can find the letter on the WF website under small business.
I still qualify but I have a feeling they will go with mostly non profits!
Doesn’t sound good but I will keep my fingers crossed. I will continue to work the bank that I have my personal accounts with and see what happens there. As of Friday they still were not taking apps yet.