Commercial Banking Resources and
Support for COVID-19

Last updated: 6/30/2020

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.

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.

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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 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.

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)

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
  • 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 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.