Business Banking Resources and
Support for COVID-19
Last updated: 6/30/2020
At Huntington, we understand the critical role small business plays in the vitality of our communities and economy. Please take a moment to review the Relief Programs. For any questions you may have please reach out to one of our branches, 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.
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 loan extended to them. Huntington will not pay fees to any firm claiming to be a borrower’s agent in connection with either of those processes.
Relief Programs
Paycheck Protection Program (PPP) Loan Forgiveness
While the Small Business Administration (SBA) has updated its application forms (including a new EZ form) for PPP loan forgiveness, it still has not established procedures for banks to submit forgiveness applications for approval. We believe that such procedures are several weeks away. As a result, Huntington does not anticipate it will be able to accept forgiveness applications until sometime this Fall.
Please review this information regarding changes to PPP including loan forgiveness as a result of the Paycheck Protection Flexibility Act (enacted June 5, 2020).
We assure you as soon as our loan forgiveness application process is ready, Huntington will provide further guidance to borrowers on how to submit.
With PPP guidance continually evolving, we recommend monitoring the SBA and Treasury websites for updates. In addition, as we learn of changes to the program, we will update this page.
You are encouraged to consult with your professional advisors for a comprehensive review of the PPP rules and guidance.
Economic Injury Disaster Loans (EIDL)
- Purpose: To supplement lost revenue on account of COVID-19
- Use of Funds: Payroll expenses, fixed debts, accounts payable, other expenses
- Amount: Up to $2MM
- Rate: 3.75% or 2.75% for non-profits
- Structure: Up to 30 years
- Forgiveness: None
- Features: Guarantor support and any available collateral required
- How to Apply: sba.gov/disaster
SBA Traditional 7(a)
- 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.
Small Business Loan Payment Deferral Program
Credit Card Payment Assistance
Fee Waiver Information for Small Business Customers
You do not need to take any action to take advantage of these waivers—we’ll do them automatically. We will continue to look out for you and your business as we navigate this challenging situation, together.
Main Street Lending Program (as of June 29,2020)
The Federal Reserve and the Department of the Treasury, under the CARES Act, have established the Main Street Lending Program, whereby the Main Street SPV will purchase 95% participations in qualifying loans to eligible borrowers.
The purpose of the program is to provide credit support to small and medium-sized businesses and their employees across the United States to assist companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until economic conditions normalize.
Please refer to the Main Street Lending Program materials published by the Federal Reserve Bank of Boston for full program details. Program details are subject to change.
Loans are subject to credit approval, program eligibility and program requirements.
Contacting Your Banker
- Please refer to branch and call center information if you typically use our branches.
- Most of our Relationship Managers are now working virtually and are available to serve your financial needs by phone or appointment. Please contact your Relationship Manager directly.
- For assistance with Business Online Banking, please call (614) 480- 2001 or (800) 480-2001, Monday – Friday 7:30 a.m. – 6:30 p.m. ET
- For assistance with Treasury Management Services, please call (800) 480-4862, Monday – Friday 7:00 a.m. – 6:30 p.m. ET