Paycheck Protection Program
Information and Updates


Last updated: 1/14/2021

On January 8, 2021 the SBA announced that PPP would reopen this week. However, as of Thursday, January 14 the portal is open only to community financial institutions (CFIs). (CFIs include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.) Huntington is not a CFI. We are working through the new application forms that the SBA published late on January 8, 2021. The SBA has announced that its portal will be opened to all lenders on January 19, 2021 and we will be opening our application process shortly thereafter. We will update this page when we are ready to begin accepting applications.

Prospective borrowers will need to have an active Huntington business checking account and current credentials for online banking to submit an application for first-time Paycheck Protection Program (PPP) or Second Draw Paycheck Protection Program (PPP2) loans. If you do not have online banking for your Huntington business checking account, please visit your local branch or call 800-480-2001 (M-F 8am-7pm; Sat. 8am-2pm) to establish online credentials. It may take a few days before your access is complete.

Once the application portal is live, we will provide links here so please check back for updates. In order to be prepared to complete the application, please see “How can I be application ready?” in our Frequently Asked Questions below. You should consult with your financial/legal advisors for a comprehensive review of PPP rules and guidance.

Note to Agents:

Huntington is not working with third-party agents on Paycheck Protection Program (PPP) loans, either at origination or in connection with forgiveness applications. We will work directly with the borrower including when they apply for forgiveness of any PPP or PPP2 loan extended to them.

Paycheck Protection Program (PPP)

  • Purpose: Emergency working capital to keep your business in operation during COVID-19
  • Use of Funds: Payroll costs, benefits, rent, interest payments, utility payments, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
  • Amount: Lesser of 2.5x monthly average payroll or $10MM
  • Rate: 1.00%
  • Term: 5 years
  • Features: No collateral or guarantors; eligible for forgiveness up to 100%
  • How to Apply: Once the application portal is live we will provide links here, so please check back for updates.

Paycheck Protection Program 2nd Draw (PPP2)

  • Purpose: Emergency working capital to keep your business in operation due to loss in revenue from COVID-19
  • Use of Funds: Payroll costs, benefits, rent, interest payments, utility payments, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
  • Amount: Lesser of 2.5x (3.5x for hospitality and food service industries) monthly average payroll or $2MM
  • Additional Eligibility Conditions: Must have taken out and used a PPP loan previously; Must demonstrate a 25% gross receipts reduction
  • Rate: 1.00%
  • Term: 5 years
  • Features: No collateral or guarantors; eligible for forgiveness up to 100%
  • How to Apply: Once the application portal is live, we will provide links here, so please check back for updates.

Paycheck Protection Program Loan Forgiveness

Reminder: We began accepting forgiveness applications for Paycheck Protection Program (PPP) loans on September 21, 2020 for loans in excess of $150,000.

We recommend you review the forgiveness application forms on the Treasury website to ensure you have the documents and information you need to complete the application in our online forgiveness portal. We also recommend you review the SBA and Treasury PPP Loan Forgiveness FAQs. In addition, look at our forgiveness FAQs found on the login page to our online forgiveness portal.

You are encouraged to consult with your professional advisors for a comprehensive review of the PPP rules and guidance.

As we had hoped, the PPP forgiveness application process for customers who borrowed $150,000 or less will be streamlined as a result of the Economic Aid to Hard Hit Small Businesses, Nonprofits, and Venues Act signed into law on December 27, 2020. We are still waiting for the updated forgiveness application for those borrowers from the SBA. Once we have received and incorporated the new form into our online forgiveness portal, we will begin inviting those borrowers to apply.

Be Wary of Fraudulent Emails:
The SBA has issued a notice that some borrowers have been receiving emails purporting to be from the SBA and threatening collection action against borrowers who the email says failed to repay PPP loans by May 7 (the original “safe harbor” date established for borrowers discussed in SBA FAQs 31 and 37). There have also been instances of borrowers receiving emails asking for information under the pretext of a “file review” by the SBA. If any such email is received by you and it does not come from an sba.gov email address, it is fraudulent. Emails from the SBA will always come from an sba.gov email address. File reviews for PPP borrowers will be facilitated through the PPP lenders.

Small Business Loan Relief Payments

Many (but not all) business loans that are SBA guaranteed and are in good standing are eligible to receive payment relief under the Economic Aid to Hard Hit Small Businesses, Nonprofits, and Venues Act signed into law on December 27, 2020. The SBA will be sending eligible borrowers a notice giving an overview of the payment assistance and other details before the end of January.

SBA Traditional 7(a) Loans

  • Purpose: New money for recovery, purposes unrelated to COVID-19
  • Use of Funds: Refinance of current debts, purchase and refinance of real estate, new money for purchases of equipment or software, working capital, business acquisitions, business improvements, support for startups that don’t qualify for disaster assistance
  • Amount: Up to $5MM
  • Rate: SBA market rates
  • Structure: Up to 25 years
  • Forgiveness: None
  • Features: Guarantor support and any available collateral required
  • How to Apply: If you typically use our branches, please visit our branch locator to find a branch near you. Or if you have a Relationship Manager, they are available to serve your financial needs by phone or appointment. Please contact your Relationship Manager directly.

Huntington's Lift Local Business Program

At Huntington, our tagline is, “Welcome.” Which means we welcome all challenges, all situations, and all people. Huntington now offers a program designed to create more opportunities for woman-, veteran-, and racially and ethnically diverse- owned businesses in the hopes that more opportunity generates more possibilities throughout the community.

Learn More

PPP Frequently Asked Questions

Q: How can I apply?
Prospective borrowers will need to have an active Huntington business checking account and online banking credentials to submit an application for first-time Paycheck Protection Program (PPP) or Second Draw Paycheck Protection Program (PPP2) loans. Once the application portal is live we will provide links here, so please check back for updates.
Q: How can I be application ready?
You can become application ready by gathering the following information:

1. Ensure you have an active Huntington business checking account and online banking credentials. If you do not have online banking for your Huntington business checking account, please visit your local branch or call 800-480-2001 (M-F 8am-7pm; Sat. 8am-2pm) to establish online credentials. It may take a few days before your access is complete.

2. Gather the following information and documents:

  • Determine the amount of your monthly average payroll costs. You may choose to use information from either calendar year 2019 or 2020, but must be consistent. For seasonal employers, you should consult with your financial/legal advisors about the appropriate measuring period for your calculation of payroll costs.

    Payroll costs generally include: salary, wages, commissions, or similar compensation; tips; vacation; parental, family, medical, or sick leave; group life, health, dental, vision benefits, retirement benefits; and state and local taxes on employee compensation. Payroll costs do not include: the compensation of an employee in excess of $100,000 on an annualized basis (as prorated for the period during which the payments are made or the obligation to make the payments is incurred) and any compensation of an employee whose principal place of residence is outside of the U.S.

    You should consult with your financial/legal advisors in determining what your average monthly payrolls costs are, including what can be included and what must be excluded.
  • The documentation you need to submit in support of your calculation of your monthly average payroll amount as set forth in the Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act and the Interim Final Rule on Second Draw Loans published by SBA and the U.S. Treasury Department on January 6, 2021. This documentation varies slightly based on entity type. You should consult with your financial/legal advisors in determining what documentation you need to submit.
    • Independent Contractor/Self-Employed Individual, Sole Proprietor (without employees) Payroll Documentation

      1. 1040 Schedule C or 1040 Schedule F for farmers and ranchers
      2. IRS Form 1099-MISC detailing nonemployee compensation or invoice or bank statement demonstrating you are self-employed
      3. An invoice or bank statement that demonstrates you were in business on February 15, 2020
    • Sole Proprietor With Employees Payroll Documentation

      1. 1040 Schedule C or 1040 Schedule F for farmers and ranchers
      2. Form 941 (or similar tax form) and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records)
      3. Evidence of retirement and health, dental, vision, life insurance contributions, if any
      4. A payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish you were in operation at that time
    • Partnership Payroll Documentation

      1. Form 1065 including K-1s
      2. If you had employees, you must also submit:
      • Form 941 (or similar tax form) and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records)
      • Evidence of retirement and health insurance contributions, if any
      3. If you had employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish you were in operation at that time, or if you did not have employees, an invoice or bank statement that demonstrates you were in business on February 15, 2020
    • Corporation or Association Payroll Documentation

      1. Form 941 (or similar tax form) and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records)
      2. Evidence of retirement and health insurance contributions, if any
      3. A payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish you were in operation at that time
    • LLC Payroll Documentation based on its tax filing status as set forth above (Sole Proprietor, Partnership, Corporation)

    As we process your application, we may ask for additional payroll documentation.

  • The information and details needed to complete either the Form 2483 (for PPP) or the Form 2483SD (for PPP2)
  • For PPP2, documentation showing that your business (together with its affiliates) had a 25% or more decrease in gross receipts during a quarter in 2020 compared to a reference quarter. You should consult with your financial/legal advisors on the appropriate way to calculate this requirement.
Q: How many loans can I take out?
A business can have only one PPP loan and one PPP2 loan.
Q: If I haven’t applied for forgiveness on my first PPP loan, can I still get a PPP2 loan?
Yes, so long as you have used all of your first time PPP loan for eligible expenses before your PPP2 loan is disbursed.
Q; I own multiple businesses with separate EINs, can I submit an application for each business?
Yes, an application can be submitted for each EIN. However, SBA affiliation rules will consider the aggregate number of employees of all related entities combined when deciding whether each business qualifies. Some businesses do not have to comply with the affiliation rules. You should discuss with your financial/legal advisors to see whether they apply to your business.

In addition, for PPP there is a limit on the total amount of loans that a single corporate group can obtain of $20,000,000. For PPP2 that limit is $4,000,000.
Q: I own multiple businesses that qualify for PPP loans. Can I have all of their loan proceeds put into a single account?
No. Each borrower must have its own business checking account for deposit of PPP loan proceeds.
Q: Who is eligible for a PPP or PPP2 loan?
  1. Must have been in operation on 2/15/2020 and unless a sole proprietor or independent contractor, had employees for whom salaries and payroll taxes were paid.
  2. Must currently be in operation.
  3. Must be a for-profit business concern, 501(c)(3) nonprofit, 501(c)(6) tax exempt organization, 501(c)(19) veterans organization, housing cooperative, a Tribal business concern, independent contractor, sole proprietor, other self-employed individual, or other business specified by the SBA.
  4. For PPP, must have 500 (300 for housing cooperatives and 501(c)(6) organizations) or fewer employees with certain exceptions; for PPP2, all entities must have 300 or fewer employees. Certain borrowers with multiple locations may have up to 500 (or 300 as applicable) per location. You should discuss with your financial/legal advisors to see whether and which exceptions apply to your business.
  5. Must not have stock which is listed on a recognized exchange.
  6. Must otherwise be a business eligible for an SBA guaranteed loan.
  7. For PPP2, have received a PPP loan and used proceeds for authorized purposes.
  8. For PPP2, demonstrate a 25% or more reduction in gross receipts during a quarter in 2020 compared to a reference quarter. You should discuss with your financial/legal advisors the appropriate manner to calculate this reduction.
Businesses that receive a Shuttered Venue Grant directly from the SBA are not eligible to apply for PPP or PPP2.
Q: Is a business owner with a Huntington personal loan or consumer checking account eligible to apply for either PPP or PPP2 through Huntington?
No. Only customers with a Huntington business checking account are considered existing customers eligible to apply for PPP or PPP2. In addition, businesses must have active online banking credentials to apply. If you do not have online banking for your Huntington business checking account, please visit your local branch or call 800-480-2001 (M-F 8am-7pm; Sat. 8am-2pm) to establish online credentials. It may take a few days before your access is complete.
Q: Can businesses or nonprofits with more than 500 employees (300 for PPP2) apply?
For PPP, there are certain exceptions to the 500-employee rule. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. For profit businesses may also qualify using the SBA Alternative Size Standard. See Question 2 of the Paycheck Protection Loans Frequently Asked Questions. In addition, certain borrowers with multiple locations may have up to 500 employees per location. For PPP2, all business types must have 300 employees or less, though the multiple location rule for certain business types still applies (i.e. up to 300 employees per location). You should discuss with your financial/legal advisors to see whether any of these exceptions applies to your business.
Q: I am an independent contractor, can I apply for a loan?
Yes, independent contractors and self-employed individuals can apply for their own loans.
Q: Are churches eligible for PPP and PPP2 loans?
Yes, churches and church-affiliated entities can be eligible so long as they meet the other requirements.
Q: How are “gross receipts” defined for the 25% reduction eligibility requirement for PPP2?
The Interim Final Rule on Second Draw Loans published by the SBA and Treasury on January 6, 2021 defines gross receipts. You should consult with your financial/legal advisors on the appropriate way to calculate gross receipts.
Q: What can I use PPP and/or PPP2 loan funds for?
Funds may be used for payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, certain supplier costs and expenses for operations, and other eligible uses defined by the SBA.
Q: I have 1099 contractors working for me. Are payments to them included as payroll costs?
No. Independent contractors are eligible to apply for their own PPP loans. See Question 15 of the Paycheck Protection Loans Frequently Asked Questions.
Q: What counts as payroll costs?
Payroll costs generally include: salary, wages, commissions, or similar compensation; tips; vacation; parental, family, medical, or sick leave; group life, health, dental, vision benefits, retirement benefits; and state and local taxes on employee compensation. Payroll costs do not include: the compensation of an employee in excess of $100,000 on an annualized basis (as prorated for the period during which the payments are made or the obligation to make the payments is incurred) and any compensation of an employee whose principal place of residence is outside of the U.S.

You should consult with your financial/legal advisors in determining what can be included and what must be excluded.
Q: How large can a loan be?
For PPP, the maximum loan amount is the lesser of (a) 2.5x monthly average payroll costs or (b) $10 million. For PPP2, the maximum loan amount is the lesser of (a) 2.5x (3.5x for hospitality and food service) monthly average payroll costs or (b) $2 million.

In addition, for PPP there is a limit on the total amount of loans that a single corporate group can obtain of $20,000,000. For PPP2 that limit is $4,000,000.
Q: What is the interest rate?
1.00% fixed rate.
Q: Do I need to pledge collateral for this loan?
No. No collateral is required.
Q: Do I need to personally guarantee this loan?
No. There is no personal guarantee requirement.

***However, if the proceeds are used for unauthorized purposes, the U.S. government can pursue the owners.***

Q: How much of the loan will be forgiven?
Up to 100% of the loan amount is eligible for forgiveness. How much of any given loan is forgiven depends on the borrower’s compliance with the rules in its use of the loan funds.
Q: When do I have to start repaying the loan?
Loan payments will be deferred until the earlier of (a) the date on which Huntington receives payment from the SBA for any forgiven portion of the loan; (b) the SBA notifies Huntington that it has denied a forgiveness application; or (c) the 10th month after the end of the covered period if a borrower has not applied for forgiveness. However, interest will accrue from the date of disbursement.
Q: Can I pay earlier than 5 years?
Yes. There are no prepayment penalties or fees. However, amounts repaid prior to applying for forgiveness will not be eligible for forgiveness.

Loans subject to credit application and approval.