On Friday, the federal government’s small-business rescue loan program began. Bank of America got $22 billion in applications. For its part, JPMorgan Chase had already approved some $25 billion in credit extensions last month.
Wells Fargo, which is famous for sharing its limited wealth with the needy, opened its small-business loan portal on Saturday—and all but closed it yesterday.
“While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit,” Chief Executive Charlie Scharf said in a statement…. The San Francisco-based lender said it has likely reached its $10 billion limit based on the applications it has already received, and will prioritize giving loans to non-profits and businesses with fewer than 50 employees.