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The company has received “formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans,” Wells Fargo said in a regulatory filing. (https://
Small businesses have also filed lawsuits against U.S. banks including Wells Fargo, JPMorgan Chase & Co (N:JPM) and Bank of America (N:BAC) alleging unfair practices in processing loans under the program, including prioritizing larger loans over smaller ones.
