Just so you guys have first hand information, here is an email that Wells Fargo sent me today. They opened a questionaire on their website Sat. around april first (without telling anyone). If you answered that questionaire you were put into a queu for the PPP loan. I answered the questionaire.
Update on your interest in the Paycheck Protection Program
We want to keep you informed on your interest in applying for the Paycheck Protection Program (PPP) through Wells Fargo. We understand how important these resources are for you to continue operating your businesses and we are working as quickly as we can to get back to you.
While you remain in queue based upon when you submitted your initial interest, due to high demand we are not able to begin your application at this time.
All applications for the Paycheck Protection Program will be online only. We will continue to send you email updates frequently so you are informed on the status of your request to apply for the PPP through Wells Fargo. If you can apply through Wells Fargo, we will email you a link to start the application process. We are working through the queue in the order in which customers submitted their initial interest. Our branch and call center teams aren't able to answer any questions about this status.
What you will need to submit an application
You will be asked to provide supporting documentation, such as
Payroll tax filings
Payroll Tax form 941
Form 1099-Misc
Income and expenses from a sole proprietorship
You may be able to apply elsewhere
You remain in our queue. However, since there is a limited amount of funds approved by the U.S. Small Business Administration (SBA) for the Paycheck Protection Program, we want you to be aware of your options. You may want to apply elsewhere to increase your chances of receiving a loan before the funds run out. Visit the SBA website to find a full list of participating lenders you can contact.
Keep in mind that each business may only receive one loan through the Paycheck Protection Program.
We will continue to keep you updated through email. Small businesses are the heart and soul of America, and we are committed to helping you navigate through this time.
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