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Wells Fargo has already hit stimulus cap as small businesses worry loans are running out: report

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On Monday, the Washington Post reported that Wells Fargo, one of the nation’s largest banks, is already cutting off new applications for the government’s small-business stimulus relief program.

“Wells Fargo didn’t begin taking applications until Saturday and by Monday morning said it reached the $10 billion cap it had set for loans under the program,” wrote Renae Merle. “Small businesses, which employ nearly half of the United States’ private-sector workers, say they are facing long waits and rejection as they scramble to secure loans through the fund, known as the Paycheck Protection Program. Many banks are accepting applications only from existing customers or businesses of a certain size.”

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Bank of America is also being inundated, according to the report, with officials saying that “it has received 178,000 applications from small businesses seeking $32.9 billion in loans.”

The $349 billion small business fund, known as the Paycheck Protection Program, is part of Congress’ $2 trillion package, the CARES Act, to help those economically and medically suffering as a result of coronavirus. It is the third and largest stimulus bill passed so far in the wake of the crisis.

House Speaker Nancy Pelosi (D-CA) has said she is working on a fourth stimulus bill which will further extend unemployment benefits and direct cash relief to U.S. households.


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DC mayor trolls Trump by lighting ‘Black Lives Matter Plaza: ‘We turned on the night light for him’

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2020 Election

It’s Donald Trump vs Joe Biden: Associate Press reports former VP has clinched the DNC nomination

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The 2020 general election campaign between two top parties has unofficially been set.

"Joe Biden formally clinched the Democratic presidential nomination Friday, setting him up for a bruising challenge to President Donald Trump that will play out against the unprecedented backdrop of a pandemic, economic collapse and civil unrest," the AP reported Friday. "The former vice president has effectively been his party’s leader since his last challenger in the Democratic primary, Bernie Sanders, ended his campaign in April. But Biden pulled together the 1,991 delegates needed to become the nominee after seven states and the District of Columbia held presidential primaries Tuesday."

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Trump retweets right-wing video attacking George Floyd’s character — hours after calling it a ‘great day’ for Floyd

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On Friday, President Donald Trump retweeted a video from right-wing commentator Glenn Beck, which appeared to question the wisdom of calling George Floyd a "hero" — and concurring with Black GOP commentator Candace Owens, who said it "sickens me" he is being "held up as a martyr."

Disgusting. pic.twitter.com/JCJWEFYZww

— David Gura (@davidgura) June 6, 2020

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