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

Photographer: Mark Kauzlarich/Bloomberg

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.