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to whom it may concern,
Yesterday I sent the following email to my branch mananger in Gaithersburg, Md.:
Good morning, My name is Stuart Cadel and I have been a Wells Fargo Business/Personal Acct. customer for over 20 years.
Since March 15, 2020, I had to shut down my food distribution company due to the Coronavirus Pandemic and the Governors order to "shelter in place." We had to stop deliveries immediately and tell our drivers no more work was available. Last week, we heard of the PPP SBA Covid-19 relief Loan Program. After calling your office at Crown I was told first by Jarrell on April 1st and then the next day by Bena that the application can only be done online starting April 3rd. Of course with the overwhelming response and the fact that the banks had to get guidelines from the SBA, it was delayed and we were told to keep checking the Wells Fargo website as to when the application would be available.
I checked the website at 11:30 p.m.
on Sunday night (April 5) and still got the same message to check back later when it is available. At 6:00 a.m. this morning (April 6), I checked again to see the following posting:
We know that these are tough times, and we’re committed to helping you get through this. We announced on April 5, 2020 that Wells Fargo is targeting to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program (PPP) and will focus on serving two segments: nonprofits and small businesses with fewer than 50 employees.
We have received forms from customers expressing interest in the PPP that we expect will fill the company’s capacity to lend under the program, as Wells Fargo continues to operate under existing asset cap limitations.
Given the exceptionally high volume of requests we have already received, we will not be able to accept any additional requests for a loan through the Paycheck Protection Program. We will review all expressions of interest submitted by customers via our online form through April 5 and provide updates in the coming days.
I know these are tough times but to max out overnight before anyone even has a chance to apply just does not seem right. I have been a loyal customer with Wells Fargo, including staying with Wells Fargo through all of the turmoil the bank went through the past few years. I was happy to say I have seen major improvements at the branch locations.
I have no idea when life will return back to normal and when my business will be able to open up again, and all I'm asking for is a little relief from the SBA via Wells Fargo.
If you could please call me to discuss this matter it would mean a lot to our continued relationship.
Stuart Cadel, Owner
Big B Distribution, Inc.
12 Turnham Ct.
Gaithersburg, Md. 20878
I have not heard back from the branch manager as of this time.
Any help you can give me would be greatly appreciated
Preferred solution: Let the company propose a solution.
Wells Fargo Pros: Easy transfer between account.