Coronavirus in US: Wells Fargo caps role in SME rescue program at $10 bn

Bank of America Corp, the first large bank to begin accepting applications on Friday morning, said it received 85,000 applications requesting $ 22 billion on the first day.

Wells Fargo & Co said late Sunday that it will cap its participation in the US government's small business coronavirus rescue program at $ 10 billion due to regulatory constraints.

The $ 350 billion loan program, which launched on Friday, will provide low-interest loans to help small businesses cover payroll and other fixed costs such as rent, mortgages and utilities over the next eight weeks.

"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