The Fed is lifting Wells Fargo’s asset cap, so it can participate in the government’s small business lending program.
Since the intensification of the coronavirus crisis, the Fed has implemented a variety of programs aimed at helping markets function and getting money to businesses and consumers.
The Main Street lending program announced earlier is geared specifically for businesses with more than 500 employees but less than larger corporations. Lifting the Wells asset cap "provides additional support to small businesses hurt by the economic effects of the coronavirus by allowing activities from the PPP and the Main Street Lending Program to not count against the cap."
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