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Our Commitment to Help Commercial Businesses Navigate COVID-19

COVID Wellness and Support:

SBA Paycheck Protection Program (PPP)

Fifth Third will beigin submitting PPP loan applications to the SBA beginning Tuesday, January 19.
The Small Business Administration (SBA) has announced it will open the Paycheck Protection Program (PPP) on Tuesday, January 19th to remaining banks with assets greater than $1B. We are here to help you now and throughout the application process. Businesses that typically work with a relationship manager, please contact your relationship manager.

 

1/11/2021

In late December, Congress passed a stimulus package expanding on the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. This $900 billion stimulus package allocated $284 billion specifically to help businesses across the country.

On January 8, 2021 the Small Business Administration (SBA), in partnership with the Treasury Department, announced that the Paycheck Protection Program (PPP) will reopen the week of January 11 for new PPP borrowers and certain existing PPP borrowers. In an effort to address potential barriers to access to capital for minority, underserved, veteran, and women-owned businesses, they will open the portal on Monday, January 11 to only community financial institutions (CFI) for First Draw PPP Loans and on Wednesday, January 13 for Second Draw PPP Loans. (CFIs include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.)

Although Fifth Third Bank does not meet the SBA’s definition of a CFI, we are committed to helping all of our clients prepare and receive the help they need as quickly as possible. After the SBA reopens the portal to remaining lenders, Fifth Third will begin accepting applications.

You may be eligible for a SBA Paycheck Protection Program loan+ under the new federal law designed to provide small businesses quick access to capital for payroll and other overhead costs.

Here’s what you need to know about the program, which is being continued as part of the Consolidated Appropriations Act, 2021. This is based on the latest information from the Small Business Administration and the Treasury Department. Other eligibility requirements may apply.

First Time PPP Borrowers

Max Loan Amount & Term

 

  • Up to $10,000,000
  • Max 5-year term
Loan amount is based on payroll expenses

 

Loan Uses

 

  • Payroll costs
  • Mortgage interest / lease payments
  • Utilities
  • Interest on other pre-existing debt
  • Additional categories-covered operating expenditures, property damage, supplier costs, worker protective equipment

 

Forgiveness Available

Yes, if borrower completes any applicable forgiveness application and retains/ provides any required documentation.

  • At least 60% of funds must be used for payroll costs.

 

Borrower Application

 

Existing PPP Borrowers

Max Loan Amount & Term

 

  • Up to $2,000,000
  • Max 5-year term
Loan amount is based on payroll expenses

 

Loan Uses

 

  • Payroll costs
  • Mortgage interest / lease payments
  • Utilities
  • Interest on other pre-existing debt
  • Additional categories-covered operating expenditures, property damage, supplier costs, worker protective equipment

 

Forgiveness Available

Yes, if borrower completes any applicable forgiveness application and retains/ provides any required documentation.

  • At least 60% of funds must be used for payroll costs.

 

Additional Requirements

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses.
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

 

Borrower Application

 

In order to apply, you will need the following information:

  • Number of employees.
  • Business mailing address.
  • Email addresses for the primary signer and / or owners that make up 20% ownership of the organization.
  • Financial records for your business to calculate the average monthly payroll for 2019, 2020 or the 12-month period prior to application, such as payroll processor records, payroll tax filings, IRS Schedules C or F, bank records, or income and expenses from a sole proprietorship.  If the borrower does not have such records, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
  • If the borrower is applying for a second draw PPP loan, documentation to support at least a 25% reduction in gross receipts in any quarter of 2020 as compared to the same quarter of 2019 (certain exceptions apply).

Loan forgiveness eligibility

If funds are used for certain qualifying costs, such as payroll, rent and utilities,  mortgage interest, and other eligible expenses up to 24 weeks following the date the loan is made, the borrower may be eligible to have all or a portion the loan principal forgiven.

The SBA has issued guidance regarding the necessary applications and documentation for loan forgiveness, and we anticipate the SBA will issue additional guidance on these topics. 

For more information on loan forgiveness eligibility click here.

Additional information and updates can also be found by visiting SBA.gov/PPP or Treasury.gov/CARES

Should you have any questions, please contact your banker.

These times may be unprecedented, but our commitment to serving our customers’ banking needs remains the same as it has since 1858.

As always, thank you for choosing Fifth Third Bank, National Association.

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.