Wells Fargo human resources chief David Galloreese wrote in a memo to staff that bank employees had “defrauded the U.S. Small Business Administration (SBA) by making false representations in applying for coronavirus relief funds for themselves through the Economic Injury Disaster Loan program, which is administered directly through the SBA.”
The SBA’s Paycheck Protection Program offered forgivable loans that could be used for payroll, mortgage payments, rent and utilities during the first several months of the COVID-19 pandemic.
