Business Banking Resources and
Support for COVID-19
Last updated: 5/27/2020
Huntington understands the critical role small businesses play in the vitality of our communities and our economy. Part of looking out for small business owners means providing them with up-to-date information and resources that can help support their business during these challenging times.
If you want to change or cancel a Paycheck Protection Program loan you have already received, contact your SBA loan closing representative to discuss your options.
Paycheck Protection Program (PPP) Loan Forgiveness
Although the Small Business Administration (SBA) has released an application form for Paycheck Protection Program (PPP) loan forgiveness, Huntington has not yet finalized its loan forgiveness process. As soon as our application process is ready, Huntington will provide further guidance to borrowers on how they can submit their loan forgiveness applications, including updates to this page.
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 borrowers both in their application for a PPP loan and 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)
- Purpose: Emergency working capital to keep your business operating during COVID-19
- Use of Funds: Payroll costs, rent, interest payments, and utilities; at least 75% of loan funds must be used for payroll costs
- Amount: Up to $10MM or 2.5x business's average monthly payroll, whichever is less
- Rate: Fixed Interest Rate of 1.00%
- Structure: 2 year term; no payments for six months, interest will accrue over this period
- Forgiveness: Up to 100% of eligible expenses paid with loan funds during the 8 weeks following closing, subject to compliance with program requirements
- Features: No collateral or guarantor support required
- For Funds Deposited: Name of the business applicant must match name of the Huntington Business Checking account in which the funds are being deposited
- Overdraft Balance Credit: If a Paycheck Protection Program loan was deposited into an account that was overdrawn, for 60 days, we won't use any money from the PPP loan funding to pay the overdraft.
Please note that federal funding for Paycheck Protection Program loans (if available) is limited. Huntington provides no assurance that it will receive Small Business Administration approval for any loan request prior to the program funding limit being reached.
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.
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
For all customers with an Unlimited or Unlimited Plus Business Checking account, we will waive the Monthly Account Service fee, for April through December 2020.
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.
Suspension of Savings Transfer Limits
Starting April 27, Huntington will:
- Suspend enforcing withdrawal and transfer limits (six per month or statement cycle) on savings and money market accounts
- Temporarily remove the fees associated with excess debits or withdrawals on savings and money market accounts to $0
For all other frequently asked questions, please visit the main FAQ section.
- If you typically use our branches, please visit our branch locator to find a branch near you.
- If you have a Relationship Manager, they are available to serve your financial needs by phone or appointment. Please contact your Relationship Manager directly.
- Must be in operation on 2/15/2020 and had employees for whom salaries and payroll taxes were paid
- Must be a business concern, 501(c)(3) nonprofit, 501(c)(19) veterans organization, or a Tribal business
- Must be SBA eligible business
- Must have employed 500 or fewer employees with certain exceptions
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers. How does SBA Calculate number of Employees: the SBA site §121.106
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
1. Average Monthly Payroll - The amount based on the Business Applicant’s payroll costs* over the last 12 months prior to the date of the application.
*Payroll costs generally include: salary, wages, commissions or similar compensation; tips; vacation; parental, family, medical, or sick leave; group healthcare 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 (as prorated for the covered period) and any compensation of an employee whose principal place of residence is outside of the U.S.
2. Payroll Information - Detailed documentation that supports the Business Applicant’s calculation of average monthly payroll amount.
The Small Business Administration (SBA), in conjunction with the Department of Treasury has provided guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan. Learn more
3. Employee Count - The current number of full-time equivalent employees
4. Information needed for an SBA Loan Application - The information needed to complete the SBA Loan Application (SBA Form 2483) for each owner of 20% or greater; or if not available:
Business Tax-ID/EIN, List of any owner of 20% or more that includes the Title, Ownership %, Date of Birth, TIN/EIN/SSN, and address, loan amount and use of proceeds for any SBA Economic Injury Disaster Loan the Business Applicant has received between 1/31/2020 and 4/3/2020, list of any other business in which the Business Applicant or any owner have ownership or common management in, qualifying questions with respect to owners of 20% or more of the Business Applicant.
5. A Huntington Business Checking Account
- Payroll costs, including benefits
- Interest on mortgage obligations, incurred before February 15, 2020
- Rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020
- Other eligible uses defined by the SBA
***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against the owners.***
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made
- Employee and compensation levels are maintained.
- Salaries are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. The Borrower must provide all required documentation to support this information before the loan can be forgiven.
Any forgiveness amount will be reduced if you do not maintain your staff and payroll.
- The average monthly payroll amount based on the Business Applicant’s the average payroll costs* over the last 12 months* prior to the date of the application.
- Detailed Payroll Documentation that supports the Business Applicant’s calculation of average monthly payroll amount. This may include:
- Payroll processing records
- Payroll tax filings
- Form 1099-MISC
- Profit & Loss Statement (for sole proprietorships)
- Other Documentation to support qualifying payroll amount
*Payroll costs generally include: salary, wages, commissions or similar compensations; tips; vacation; parental, family, medical, or sick leave; group healthcare 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 (as prorated for the covered period) and any compensation of an employee whose principal place of residence is outside of the U.S. - Current number of full-time equivalent employees
- The information needed to complete the SBA Loan Application (SBA Form 2483) for each owner of 20% or greater; or if not available:
-Business Tax-ID/EIN
- List of any owner of 20% or more that includes the Title, Ownership %, Date of Birth, TIN/EIN/SSN, and address.
- Loan amount and use of proceeds for any SBA Economic Injury Disaster Loan the Business Applicant has received between 1/31/2020 and 4/3/2020.
- List of any other business in which the Business Applicant or any owner have ownership or common management in.
- Qualifying questions with respect to owners of 20% or more of the Business Applicant - A Huntington Business Checking Account
The PRP is a significant benefit for existing SBA loan customers as law states the SBA administrator must make the monthly payments (principal, interest and fees) on all eligible SBA loans for the next six months.*
*Loans which are already in deferral status can choose to have their six months of payments start when their current deferral ends.
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