Our Commitment to Help Commercial Businesses Navigate COVID-19
SBA Paycheck Protection Loan Forgiveness Application Process Update
Fifth Third is accepting PPP Forgiveness applications via our online self-service forgiveness application. Borrowers have ample time to apply due to the PPP Flexibility Act, which went into effect on June 5, 2020.
- If your payroll expenses for the covered period are greater than your loan forgiveness amount, it isn’t necessary to provide documentation for mortgage, rent or utility expenses.
- Borrowers must begin making principal and interest payments 10 months after the last day of their covered period, or when the SBA remits loan forgiveness payment to the Lender (Fifth Third) should there be a remaining balance due.
- If you received your loan prior to June 5, you have the option to choose an 8-week or 24-week covered period.
- If your loan was funded on or after June 5, you automatically receive a 24-week covered period.
- List covered period dates on your application and provide documentation for the number of weeks it took to deplete the funds.
- Borrowers may apply for forgiveness any time on or before their PPP loan maturity date.
When Can I apply?
In order to ensure the best possible customer experience, borrowers will receive an email with logon instructions when they are able to access the online application. We will be sending these emails in waves because we believe this phased approach will ensure the best possible customer experience as we focus on each client’s specific needs. The links included in the email should not be shared with others; not all borrowers have the same access date for the online application.
How Can I Prepare
To help you prepare, Fifth Third has emailed all primary signers a link to the SBA PPP Loan Forgiveness Tool Kit with valuable resources, recorded training, and live webinars. Please review these resources, register for live webinars, and gather documentation required by the SBA to validate the way you used the PPP loan proceeds in advance of submitting your online forgiveness application.
Additional tips to help you navigate the forgiveness application process:
- If the primary signer has not received emails with a link to the SBA PPP Loan Forgiveness Tool Kit and reminders of upcoming webinars, please check spam filters +/or contact your banker for additional assistance.
- If the primary signer has received logon instructions to the online self-service forgiveness application, and needs help with basic navigation, please call 877-579-5300, Monday through Friday, 8 a.m. to 5 p.m., ET.
- Continue to check SBA.gov and Treasury.gov for the most up-to-date guidance on the application process.
Thank you for choosing Fifth Third Bank. We appreciate the confidence you’ve placed in us, and we look forward to continuing to serve you.
(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.)
We want you to know that our commitment to you and the success of your business remains steadfast as you deal with the impact of COVID-19 on your business.
Here’s What We’re Doing to Support Commercial Business Clients
We always appreciate the opportunity to serve our customers in person, and we know that having access to your banker and your money is more important now than ever. In these uncertain times, the health of our customers and our employees is our top priority. To that end, we are putting several temporary measures in place to continue to serve you while doing our part to help stop the spread of the COVID-19 pandemic.
- Our Bank Marts® located inside retailers will remain open, offering the same services and support that they always have. However, their hours have changed to 10 a.m. to 4 p.m., Monday through Saturday, unless limited by the retailer's hours of operation.
- If you need to conduct simple financial transactions, please use our drive-thru services, online or mobile banking solutions, or the Bank's network of approximately 53,000 fee-free ATMs.1
- Branch lobbies are now open to serve customers by appointment only. You can make an appointment by calling your local Fifth Third branch.
- If your branch does not have drive-thru services you can use our location finder to locate a drive-thru near you, or schedule an appointment for branch lobby service by calling your local Fifth Third branch.
- Clients using cash services such as CPS and Cash Vault may continue using these services. If you need to visit a financial center, please utilize a drive-thru or schedule a lobby appointment by calling your local Fifth Third branch.
- Deposits can be completed at a branch using the drive-thru, our ATMs, or via night depository services.
- There is no dollar limit on cash deposits completed at a drive-thru, however cash withdrawals are limited to $20,000. Withdrawals of $20,000 or more must be completed with a lobby appointment.
Payment Processing Services
Our operations teams to continue to process electronic payments. We will continue to monitor all processing and will provide updates as needed.
- As more states transition to "shelter in place," please know that Fifth Third and our operations teams are deemed essential.
- We are closely monitoring anticipated staffing levels and are committed to the prompt processing of all transactions. If the situation changes, an update will be provided
Remember, you can bank anytime, anywhere with Fifth Third Direct® or Fifth Third Online Banking. View your daily cash operations, and get a detailed view of accounts, loans, cards, and deposits, including accounts at other financial institutions.
Commercial Banking Support
Should you have any questions, please contact either your relationship team or call Commercial Support at 866-475-0729. You may also leverage the Fifth Third Direct Contact Us feature that enables secure messaging with the Bank, provides prompt user identification, and enables efficient issue resolution without ever leaving the Fifth Third Direct platform.
We appreciate your understanding. Protecting your health, safety and security are our top priorities.
These times may be unprecedented, but our commitment to serving our customers' banking needs remains the same as it has since 1858.
Additional Tips to Help You and Your Business
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 COVID-19 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.
As always, thank you for choosing Fifth Third.