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

Business loans that are supported by an SBA guaranty and are in good standing will receive payment relief through the CARES Act. The SBA will be making your contractual payments for 6 months beginning with payments due after March 27, 2020. These payments will happen automatically and you do not have to do anything to receive this payment relief.

Suspension of Late Fees on Business Loans

Beginning in March 2020, Huntington has suspended charging late fees on business loan payments. This suspension is effective through the end of June 2020 and we will continue to evaluate whether to extend this program.

Credit Card Payment Assistance

We understand that making payments on your Voice Credit Card® may be difficult right now. Huntington is currently not assessing late fees on monthly credit card payments. For payment deferral requests, contact (800) 372-7725, Monday through Thursday 8:00a.m. to 9:00p.m. and Saturday 8:00a.m. to 4:00p.m. ET.  

Fee Waiver Information for Small Business Customers

We will waive overdraft and return fees for all small business customers, regardless of checking account type, for April and May 2020.

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

Recently, the Federal Reserve Board announced it would amend “Regulation D” (Reserve Requirements of Depository Institutions) making the amount of allowable transfers and withdrawals from savings and money market accounts unlimited. The Federal Reserve, and Huntington, recognize that you need to be able to access and manage your money right now without restrictions.

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

SBA & PPP Frequently Asked Questions

For all other frequently asked questions, please visit the main FAQ section.

Q: What are the different ways I can apply?
  • 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.
Q: I own multiple business with separate EINs, can I submit an application for each business?
A: Yes, an application can be submitted for each EIN. However, Small Business Administration affiliation rules will consider the number of employees of all related entities combined when deciding whether each business qualifies.
Q: Who is eligible?
  1. Must be in operation on 2/15/2020 and had employees for whom salaries and payroll taxes were paid
  2. Must be a business concern, 501(c)(3) nonprofit, 501(c)(19) veterans organization, or a Tribal business
  3. Must be SBA eligible business
  4. Must have employed 500 or fewer employees with certain exceptions
Q: Is a business owner with a Huntington personal loan or consumer checking account eligible to apply for the Paycheck Protection Program (PPP) loan through Huntington?
A: No, only customers with a Huntington Business Checking Account or Business Loan are considered existing customers eligible to apply for a Paycheck Protection Program (PPP) loan through Huntington.
Q: I have employees on unemployment, am I eligible for the PPP Program?
A: Yes, but you should consult with your legal adviser about rehire requirements under the program.
Q: Can business or nonprofits with more than 500+ employee apply?
A: Who Can Apply SBA Site  

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

Q: Can non-essential businesses apply for the PPP Program?
A: Who Can Apply SBA Site  

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.

Q: I am an independent contractor, can I apply for a loan?
A: Starting April 10, 2020, independent contractors and self-employed individuals can apply.
Q: Are churches eligible for the Paycheck Protection Program (PPP) loan?
A: Yes, churches and church-affiliated entities can be eligible.
Q: How can I be application ready?
You can become application ready by gathering the following information:

1. Average Monthly PayrollThe 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 CountThe 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

Q: Do I need to look for other funds before applying for this loan?
A: No. The SBA is waiving the usual requirement that you try to obtain some or all of the loan funds from other sources.
Q: What can I use this loan for?
A: The proceeds must be used for:
  1. Payroll costs, including benefits
  2. Interest on mortgage obligations, incurred before February 15, 2020
  3. Rent, under lease agreements in force before February 15, 2020
  4. Utilities, for which service began before February 15, 2020
  5. Other eligible uses defined by the SBA
Q: I have 1099 contractors working for me, are those amounts included in the payroll cost?
A: Colleagues or employees paid through a 1099 are eligible to apply for their own PPP loan, so this income should not be included in your payroll costs. These applications can be taken starting 4/10.
Q: What counts as payroll costs?
A: 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. Please see the SBA and Treasury FAQs for more information on what is included and what is excluded.
Q: How large can a loan be?
A: Loans can be 2.5x of average payroll costs (8-week reprieve of average payroll costs). That amount is subject to a $10 million cap. If you have a seasonal or new business, different applicable time periods will be used for calculation. Salaries will be capped at $100,000 annualized for each employee.
Q: What is the interest rate?
A: 1.0% fixed rate.
Q: Do I need to pledge collateral for this loan?
A: No. No collateral is required.
Q: Do I need to personally guarantee this loan?
A: No. There is no personal guarantee requirement.

***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against the owners.***

Q: What portions or how much of the loan will be forgiven?
A: The loan amounts will be forgiven, as long as:
  1. 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
  2. Employee and compensation levels are maintained.
  3. 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.
Q: How long are payment deferred on this loan?
A: Loan payments will be deferred for 6 months, however interest will continue to accrue.
Q: How much of the loan will be forgiven?
A: If the loan amount is used for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan, the amount expended on those other items will not be forgiven. In any event, not more than 25% of the forgiven amount may be for non-payroll costs.

Any forgiveness amount will be reduced if you do not maintain your staff and payroll.

Q: How can I request loan forgiveness?
A: A request should be submitted to Huntington. The request must include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that the forgiveness amount was used to keep employees and make eligible mortgage interest, rent, and utility payments. Huntington will make a decision on the forgiveness within 60 days of receipt of the request.
Q: When is the loan due?
A: In 2 years.
Q: Can I pay earlier than 2 years?
A: Yes. There are no prepayment penalties or fees.
Q: What does it mean to be "Application Ready"?
A: You should gather the following information:
  1. 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.
  2. 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.
  3. Current number of full-time equivalent employees
  4. 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
Q: What is the SBA Payment Relief Program (PRP)?
A: On March 27, 2020, The CARES Act was signed into law providing support for households and businesses during the COVID-19 outbreak. Section 1112 within the CARES act provides payment relief to borrowers with SBA loans. This program is distinct and separate from the new Paycheck Protection Loan (PPL) program.

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.

Q: Are all SBA loans eligible?
A: Most of the Huntington SBA borrowers will be eligible for payment relief. Loans which are in regular servicing as of March 27, 2020, as well as loans originated from March 27, 2020 through September 27, 2020, are eligible.
Q: I have auto-debit set up to make monthly payments will that cause an issue?
A: Auto-debit on SBA eligible loans was suspended on 4/3/2020. Auto-debit will be reinstated following the six-month relief program.
Q: My loan is currently past due, am I eligible for this program?
A: Customers who are currently delinquent may still be eligible, but the payment relief only applies to those payments that are due after March 27, 2020. If a borrower is due for their February or March payments the payment relief program won’t pay those payments. Payments for February or March will still be due and we encourage you to work with our collections team to find a solution for those late payments. A deferral of late payments may be an option.
Q: Are 504 loans eligible?
A: SBA 504 loans are eligible but only the loan originated through the CDC is eligible for payment relief. The conventional financing through Huntington is not eligible for this program.

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

Loans subject to credit application and approval.