HOW IS YOUR BANK HANDLING PPP APPLICATIONS ON DAY 1?

Most major banks got an update from the federal government literally hours before they were expected to roll out Paycheck Protection Program application platforms for expanded SBA-insured loans. So, on Day 1, there’s not much to report. They’re working it. Here’s today’s afternoon survey of the largest banks in Southeast Michigan and the status of their online applications.

New things are happening every day, and small business owners have reason for hope.

Bank of America

Bank of America became the first bank to start accepting online applications. Bank of America has, however, according to multiple sources, prioritized applicants based on whether they have existing loan products, and customers are expressing frustration.

Bank of America’s site lists the following qualifications prior to applying, which are unique to Bank of America:

-Small business checking account open no later than 02/15/2020,
-Small business lending relationship, inclusive of credit card, open no later than 02/15/2020, and
-Online banking username and password

Comerica Bank

As of 4/3/2020 Comerica Bank says it will let you know when it is ready to start accepting applications.

We’re putting them in the “we’ll get back to you” category.

PNC Bank

In order to slow down internet traffic and application volume, PNC has set up this site to collect basic information and then call you back when they are ready to start the application.

We’re putting them in the “we’ll get back to you” category.

JP Morgan Chase Bank

Chase Bank is handling applications similar to PNC Bank. Fill out the form, and they’ll call you back.

Chase Bank lists it’s application criteria as:

-You have an existing Chase Business checking account that’s been active since February 15, 2020.
-You’re authorized to borrow on behalf of the business.
-You haven’t already received a Paycheck Protection Program loan from -Chase and you haven’t applied for one from another financial institution.
-The minimum loan amount is $1,000, and the maximum amount is determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies.
-You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).
-Other restriction may apply

We’re putting them in the “we’ll get back to you” category.

Fifth Third Bank

Fifth Third Bank indicates that their online application system will be ready to start “early next week.”

Huntington Bank

Huntington Bank brags that it is the “#1 SBA lender in the region” but has no information on its site about expanded 7(a) loans like the EIDL or the PPP.

We’re putting them in the “we’ll get back to you” category.

Chemical Bank

Chemical Bank is known to participate in SBA 7(a) loan programs, but has very little information on how to apply for EIDL or PPP, or really, whether they even participate.

We’re putting them in the “we’ll get back to you” category.