Commercial Banking Resources and
Support for COVID-19


Last updated: 5/27/2020

Huntington understands the critical role small and medium-sized businesses play in the vitality of our communities and our economy. Part of looking out for business owners means providing them with up-to-date information and resources that can help support their business during these challenging times.

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.

We recognize these are challenging and uncertain times and we want you to know we’re here and committed to help. If you haven’t already, we recommend that you have a conversation with your relationship manager to discuss your specific situation and the relief options that may be available to you.

SBA Relief Programs 

As the nation’s #1 SBA lender in number of SBA 7(a) loans1, Huntington understands the critical role businesses play in the vitality of our communities and our economy.  To help you through this uncertain time, we’ve assembled some resources to support your business or not-for-profit organization.

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 eight weeks following closing, subject to compliance with program requirements
  • Features: No collateral or guarantor support required
Be application-ready for a PPP loan by gathering the following information:

  • 2019 and 2020 year-to-date payroll reports
  • State income, payroll, and unemployment insurance filings
  • Tax ID/EIN and ownership information
  • Your company retirement plan funding paid for by the company
Note that additional documents may be needed.

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.

Economic Injury Disaster Loans (EIDL)

  • Purpose: To supplement lost revenue on account of COVID-19
  • Eligibility: Expanded under CARES Act to include businesses with not more than 500 employees. Other small businesses and nonprofits may be eligible.
  • 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

Contacting Your Relationship Manager

  • Most of our Relationship Managers are now working virtually and available to serve your business 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
  • For assistance with International Trade Services, please call (877) 480-4685, Monday – Friday 8:00 a.m. – 5:00 p.m. ET

1All SBA loans subject to eligibility, program requirements and program availability. Huntington is #1 in the nation in number of SBA 7(a) loans from October 1, 2017 to September 20, 2019. Source: U.S. Small Business Administration (SBA).

Loans subject to credit application and approval.