Wells Fargo to donate all $400M in processing fees from PPP to help minority-owned businesses

Wells Fargo unveiled the details of how it plans on donating the $400 million generated in fees from processing Paycheck Protection Program loans, a promise the CEO had made back in April, during the early days of the SBA relief program when the San Francisco-based bank had made a series of fumbles that led to widespread criticism.

Jenny Flores, head of small business philanthropy at Wells Fargo, told me the donation is part of the banks ongoing commitment to supporting small businesses and is not…