Businesses Say Big Banks Flouted ‘First Come First Served’ for Aid [The New York Times]
Wells Fargo & Company (WFC)
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Source: The New York Times
Small-business owners have accused some of the country’s largest banks of unfairly favoring applications from their wealthiest clients for aid under a $349 billion government stimulus program.Customers of Bank of America, JPMorgan ChasThe S.B.A., which is administering the stimulus program, known as the Paycheck Protection Program, designated it a first-come-first-served operation but gave banks wide latitude on whose applications to accept.The lawsuits — two against Chase and one each against Bank of America and Wells Fargo, all filed in the Central District of California — say smaller customers were not given the chance to apply as quickly as larger ones in some cases. In other instances, the lawsuits say, the banks sat on some smaller customers’ applications instead of immediately submitting them to the S.B.A.The program ran out of money on Thursday, leaving many small-business ownerswondering how they would surviveworking on a dealLongstanding rules that require banks to know thei
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WFC
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- 10/15/25 - Beat
WFC
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- 12/1/25 - Form 424B2
- 12/1/25 - Form 424B2
- WFC's page on the SEC website