Wells Fargo faces government inquiries into its PPP lending

Federal and state agencies are looking into Well Fargo & Co.’s lending through the SBA Paycheck Protection Program, the bank said in a May 5 filing with the U.S. Securities and Exchange Commission.

San Francisco-based Wells also said it’s facing class action litigation in state and federal courts in California, Colorado and Texas.

“The company has also received formal and informal inquiries from federal and state government agencies regarding its offering of PPP loans,” the bank said in the…