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Wells Fargo donates $400M to assist
struggling minority businesses

Original Article

Posted By: Ribicon, 7/9/2020 1:07:58 PM

To help small businesses survive the pandemic, Wells Fargo announced Thursday that it is donating the $400 million in fees it earned off the federal Paycheck Protection Program to nonprofit organizations that primarily assist Black and other minority owners. Wells Fargo, which lost many business customers after bungling their PPP applications, wound up processing more than 185,000 PPP loans worth a total of $10.4 billion, the fifth highest loan total in the banking industry, according to the U.S. Small Business Administration. “We can see that small businesses are hurting,” said Jenny Flores, head of small business growth philanthropy at Wells Fargo.

Comments:

Banker Jenny makes it rain in The Community, and perhaps in La Communidad as well. Flamboyantly and unapologetically racist on its face and should be illegal, except that systemic structural bias against WHITE people (or must we now call them "wipipo," the way the bLACK People do?) is the very definition of USA 2020. Meanwhile, the next time these crooks suffer a drop in earnings through their own stupidity, the taxpayers will cheerfully bail them out without even the customary dinner and a movie beforehand or a cigarette afterward.

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Reply 1 - Posted by: chance_232 7/9/2020 1:26:10 PM (No. 472469)
Meanwhile, Wells Fargo is planning on laying off thousands of employees. This should leave a bad taste in a lot of mouths.
18 people like this.

Reply 2 - Posted by: moebellini3 7/9/2020 1:28:31 PM (No. 472472)
That amount of money going to nonprofit organizations. I have news for Wells Fargo, the money will never get there. Like most non profits the money is stolen from within. High salaries, vacations, benefits and donations to the democratic communist party. Small businesses will never see a dime of it. Got it.
8 people like this.

Reply 3 - Posted by: MDConservative 7/9/2020 1:56:31 PM (No. 472505)
"Unapologetically racist on its face" is exactly right. So are all the news coverage and PSAs being broadcast to support black-owned businesses. I was thinking of opening an account with WF due to our move...not going to happen.
3 people like this.

Reply 4 - Posted by: Lawsy0 7/9/2020 2:36:49 PM (No. 472528)
Watch closely. That is how money laundering is done. The desiccated Pelosi may have invented the process back when she walked the earth in other centuries. You give a pile of cash to some ''much deserved'' cause. Then run to the back dock quickly to get the donations handed back to you in unmarked bills. Since time immemorial.
3 people like this.

Reply 5 - Posted by: mseegal 7/9/2020 2:40:49 PM (No. 472530)
I thought the PPP program was only for payroll?? Is this even legal?
1 person likes this.

Reply 6 - Posted by: red1066 7/9/2020 4:51:43 PM (No. 472645)
Post just above this post states Wells Fargo is laying off people. I'm sure that 400 mil could be put to better use by keeping those laid off employed.
3 people like this.

Reply 7 - Posted by: ColonialAmerican1623 7/9/2020 11:43:52 PM (No. 472989)
I am under the impression that WF hires minorities, lends to minorities and helps minorities. They already had a big scandal, seems like they would remain under the radar. Remember when minorities lost their WF creative financed homes to foreclosure?
0 people like this.

Reply 8 - Posted by: DVC 7/10/2020 12:35:34 PM (No. 473554)
And then laying off their own workers? Geniuses at work there, no doubt. /s off
1 person likes this.

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