Paycheck Protection Program
Information and Updates


Last updated: 4/7/2021

We are now accepting applications for Paycheck Protection Program loans. We are planning to leave the application portal open until May 14, 2021, so we have enough time to submit all applications we receive to the Small Business Administration (SBA) by May 31, 2021. Please note that the program has limited funding and we may need to close the application portal earlier than May 14, 2021. Even if funding is still available when we close our portal, we cannot guarantee that you will receive SBA approval prior to funding running out.

In order to be prepared to complete the application, please see “How can I be application ready?” in our Frequently Asked Questions below. Your loan will be easier to process and submit to the SBA if you provide all of the required documentation at the time you submit your application. If we have to follow up with you to obtain what is needed, it will delay processing of your application.

For current business checking customers who use a token to login to online banking, please click below to login. Once logged in, click on Announcements and Resources, then navigate to Paycheck Protection Program Loans Available to apply.
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For current business checking customers who do not use a token to login to online banking, click below to apply or continue an existing Paycheck Protection Program application.
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The Paycheck Protection Program is not the only avenue of financial aid available to small businesses. The American Rescue Plan Act created both the Shuttered Venue Operators Grants and the Restaurant Revitalization Fund Grants, which are issued directly by the SBA. Moreover, additional funding has been allotted to the SBA direct COVID 19 Economic Injury Disaster Loans.

Huntington also has its SBA guaranteed loan programs described below.

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: You should login to your online banking here or here (if you use a token for online banking).

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: You should login to your online banking here or here (if you use a token for online banking).

COVID-19 Economic Injury Disaster Loans (EIDL)

  • Purpose: To supplement lost revenue resulting from COVID-19
  • Use of Funds: Payroll expenses, fixed debts, accounts payable, other expenses
  • Amount: Currently, up to $150,000; this may be increased at a later date
  • Rate: 3.75% or 2.75% for non-profits
  • Term: Up to 30 years
  • How to Apply: COVID 19 Economic Injury Disaster Loan

Shuttered Venue Operators Grants

This program is being administered directly by the Small Business Administration (SBA). The SBA is issuing grants up to $10 million dollars to eligible businesses. The amount of the grant is equal to 45% of the recipient’s 2019 gross earned revenue (with the cap of $10 million). Please go to this page for program details and eligibility requirements. Applications for these grants are expected to be available in early April.

Restaurant Revitalization Fund Grants

This program is to be administered directly by the Small Business Administration (SBA). The SBA will issue grants up to $5 million dollars ($10 million for businesses with multiple locations) to eligible businesses. The SBA has not yet started the application process for these grants and does not (as of 3/25/21) have a dedicated website yet for the program. You can review the National Restaurant Association’s summary of the Restaurant Revitalization Fund, although it may not reflect the SBA’s final rules on the program. We recommend you continue to check the COVID-19 Relief Options page for updates.

Paycheck Protection Program Loan Forgiveness

We are currently accepting forgiveness applications for Paycheck Protection Program (PPP) loans made in 2020 regardless of size. Forgiveness applications for PPP loans made in 2021 are not currently being accepted.

We recommend you review the forgiveness application forms (3508S for loans of $150,000 or less and the 3508 or 3508EZ for loans over $150,000) 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.

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.

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.
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, the Interim Final Rule on Second Draw Loans published on January 6, 2021, as well as the Interim Final Rule - Revisions to Loan Amount Calculation and Eligibility published on March 3, 2021, the How to Calculate Maximum Loan Amounts for First Draw PPP Loans document and the How to Calculate Revenue Reduction and Maximum Loan Amounts document, both published on March 12, 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. IRS Form 1040 Schedule C or 1040 Schedules 1 and F for farmers and ranchers
      2. IRS Form 1099-MISC detailing nonemployee compensation, IRS Form 1099-K, 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. IRS Form 1040 Schedule C or 1040 Schedules 1 and F for farmers and ranchers
      2. IRS Form 941 and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records or Tax and Wage Statements). Businesses that file annual IRS Forms 943 or 944 may use those instead of quarterly 941s
      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. IRS Form 1065 including K-1s
      2. If you had employees, you must also submit:
      • IRS Form 941 and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records or Tax and Wage Statements). Businesses that file annual IRS Forms 943 or 944 may use those instead of quarterly 941s
      • Evidence of retirement and health, dental, vision, life 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. IRS Form 941 and State quarterly wage unemployment insurance tax reporting forms for all four quarters (or equivalent payroll processor records or Tax and Wage Statements). Businesses that file annual IRS Forms 943 or 944 may use those instead of quarterly 941s
      2. IRS Form 1120, 1120-S, 990, 990-EZ, as applicable, or other evidence of retirement and health, dental, vision, life 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 the Form 2483 or Form 2483-C, as appropriate (for PPP) or the Form 2483SD or Form 2483SD-C, as appropriate (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: If I received my first PPP loan in 2021, can I apply for a PPP2 loan?
Yes, but we cannot submit your application to the SBA for approval until at least 8 weeks have passed since the disbursement of your first draw loan. Please note: If you apply for a second draw loan before those 8 weeks have passed, you will be choosing an 8-week covered period for your first draw loan. You will not be able to change that when you apply for forgiveness.
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, other 501(c) organization (except 501(c)(4)), 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 not be primarily engaged in lobbying activities; for 501(c) organizations, there are further limitations on lobbying activities.
  7. For PPP2, have received a PPP loan and used proceeds for authorized purposes; provided that if a borrower was found to be ineligible after having received a PPP loan, the borrower is not eligible for a PPP2 loan.
  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 have already received a Shuttered Venue Operator 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 on January 6, 2021, as well as the How to Calculate Revenue Reduction and Maximum Loan Amounts document published on March 12, 2021, define 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: When is the maturity?
5 years.
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. SBA loans subject to SBA eligibility.