Supporting Small Business Clients During Coronavirus
SBA Paycheck Protection Loan Forgiveness Application Process Update
Fifth Third will begin accepting PPP Loan Forgiveness applications the week of August 17th through our online self-service application portal. Borrowers will receive an email with login instructions when the online self-service application is live.
In preparation, Fifth Third has emailed borrowers a SBA PPP Loan Forgiveness Toolkit. We recommend that clients review the resources, register for live webinars, and gather documentation required by the SBA to validate the way you used the PPP loan proceeds for purposes of:
Visit the SBA PPP Loan Forgiveness page to access the tool kit.
We also recommend that borrowers continue to check SBA.gov and Treasury.gov for the most up-to-date guidance on the application process. If the SBA issues additional loan forgiveness guidance that necessitate system changes, this may impact Fifth Third’s Go Live date. We will continue to update you on any changes, while remaining focused on processing your application as quickly as possible.
Fifth Third Bank will not pay fees or other compensation to an agent who represents and/or assists a borrower in applying for a Paycheck Protection Program loan absent a pre-loan approval written agreement between the agent, the borrower, and Fifth Third Bank.
How Fifth Third Bank is Helping Eligible Business Clients
- We are offering a Small Business Payment Deferral Program for up to 90 days* that includes no late fees and a range of loan modification options.
Fee Waiver Program
- We will refund select fees for 90 days for Business Banking deposit accounts and services.
Contact Us to Request Term Loan Hardship Assistance
- Work with your dedicated relationship or financial center manager.
For additional support
- Contact the Business Banking Support Center at 877-534-2264.
We’re here to support your business any way we can.
In these unprecedented times, our commitment to you and the success of your business remains steadfast.
How the Small Business Administration1 is Helping Small Businesses
The SBA direct lending program is in the form of low interest rate loans with flexible repayment terms, the eligibility for which will be determined by the SBA on a case-by-case basis.
SBA Disaster Assistance overview:
- Loans up to $2,000,000.
- 3.75% fixed interest rate on loans to for-profit companies.
- 2.75% fixed interest rate on loans to non-profit companies.
- Up to 30-year term and amortization (determined on case-by-case basis).
How to apply for the SBA Disaster Assistance:
- For more information on the SBA's assistance to small businesses, visit www.SBA.gov/coronavirus.
- If you state is on the approved list, apply today at the sba.org website: https://disasterloan.sba.gov/ela/Account/Login.
- You'll enter your company information and describe the impact of the pandemic on your business.
- If your state is not showing as a approved yet, continue to check this list often, https://disasterloan.sba.gov/ela/Declarations/Index.
- Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans.
Additional Resources for Businesses
Fifth Third is committed to helping its communities through our extensive network of partners. Together, we are able to help small businesses and boost economic development in underserved communities throughout our footprint.
In January of 2016, Fifth Third began delivering on its five year community commitment of $32B; $11B of which was earmarked for small businesses. To date, we have funded $8B in programs that facilitate the growth of local businesses. Through our partnerships with Community Development Financial Institutions (CDFIs) and other nonprofit organizations, we continue to deliver a wide range of resources geared towards educating entrepreneurs and families on the innovative ways that they can access traditional forms of capital such as micro lending and small dollars loans through the Small Business Administration.
Fifth Third believes small businesses are the heart of our communities. We encourage you to reach out to the nonprofit organizations in your area for assistance. Together, we can connect you to resources you need to start, grow and sustain your business operations.
To find out more about the small business resources and programs in your area, please review them here.
Also, a list of available personal state assistance programs can be reviewed here.
Tips to Help You and Your Business Operation During COVID-19
Be Transparent About Your Business
Let your customers know you are going through this with them. For example, share on your business’s social media account(s) how much you appreciate your customers, and thank them each day as they continue to support your business.
Be Extra Vigilant Online
During times of uncertainty, it’s natural to seek information and answers through the internet and social media. Unfortunately, criminals will often use that to their advantage. While not specific to Fifth Third, our team has noted the occurrence of phishing—when a data thief impersonates a legitimate person or company via email to bait the recipient into reporting confidential information or gaining unauthorized access to systems. In addition, we have seen reports of malware (malicious software) disguised as a coronavirus map. Watch for email senders using suspicious or misleading domain names. Inspect URLs carefully (without clicking on the link) to make sure they’re legitimate and not imposter sites.
Follow Credible Advice
To obtain reliable information, stick to credible resources like the Centers for Disease Control (www.cdc.gov), National Institutes of Health (www.nih.gov), World Health Organization (www.who.int) and other well-known local and national news reporting agencies.
Use Digital Tools When You Can
Make an appointment to talk to your banker when you have a complex situation. But save time and use online banking services as often as you can. For example, consider depositing checks through your Fifth Third mobile app2.
As always, thank you for choosing Fifth Third.