Wells Fargo’s $400 Million in PPP Fees to Help Small Businesses

Wells Fargo & Co. is launching a $400 million fund to donate the fees it got from the Paycheck Protection Program back to small businesses, particularly ones that are minority-owned.

Through the new Open for Business Fund, Wells Fargo will work with nonprofits to provide “capital, technical support, and long-term resiliency programs to small businesses,” according to a statement Thursday.

The bank committed in April to donating all processing fees for arranging loans through the Small Business Administration’s program to help companies weather the economic impact of the coronavirus pandemic. The San Francisco-based lender had arranged more than 179,000 PPP ...