You might be curious about how to monitor the progress of your application or loan if you applied for a Paycheck Protection Program (PPP) loan through Wells Fargo. Fortunately, Wells Fargo has an online portal where you can check on the status of your PPP loan and obtain other useful information.
You must first sign in to the Wells Fargo Business Online® system in order to check your PPP loan with Wells Fargo. By selecting the “View PPP loan details” link after logging in, you can access the PPP loan portal. Your application’s status, including whether it has been approved, funded, or canceled, may be seen here. The loan amount, interest rate, and maturity date are also available for review.
Wells Fargo has a dedicated support team you may get in touch with if you have any queries about your PPP loan or need help with the application process. You can reach them via phone, email, or in person by going to one of their locations.
The answer to the query of whether Wells Fargo is discontinuing its credit cards is no. The bank did, however, make an announcement in 2020 that they would stop considering new requests for personal lines of credit and that they would be cancelling open accounts. Wells Fargo made this choice as part of its mission to streamline its product line and concentrate on its essential services.
There are numerous choices if you’re seeking for additional banks that provide lines of credit. Chase, Bank of America, and Capital One are a few well-liked options, but it’s always a good idea to go around and compare rates and terms before deciding.
Is your bank account being watched by the Small Business Administration (SBA)? is another frequent query surrounding PPP loans. Although the SBA does mandate that lenders confirm specific details, such as the borrower’s payroll costs, they rarely keep an eye on bank accounts. If they suspect fraud or financial abuse, however, they may carry out audits or inquiries.
And finally, you might be curious about the minimum credit score required for an SBA loan. The majority of lenders aim for a credit score of at least 680, even though the SBA doesn’t have a set credit score minimum. The financial history and cash flow of your company will also be taken into account, among other things.
In conclusion, using the online site to monitor the status of your Wells Fargo PPP loan is simple and convenient. Although Wells Fargo is terminating personal lines of credit, it is not closing its credit cards. Lines of credit are available from numerous different institutions, and the SBA rarely keeps an eye on bank accounts. For an SBA loan, a credit score of at least 680 is recommended, although other considerations will also be taken into account.
Yes, even after receiving a Wells Fargo PPP loan, you are still eligible to qualify for an SBA grant. A different program from the PPP loan, the SBA grant, also known as the Economic Injury Disaster Loan (EIDL award), is available to qualified small companies affected by the COVID-19 epidemic. Please be aware, though, that the SBA grant’s qualifying requirements and application procedure can differ from those for the PPP loan.