Applying for Small Business Loans

April 3, 2020

The information provided below gives general guidance on applying for small business loans. For guidance offered by selected local SBA approved lenders see Appendix A.

Paycheck Protection Program:

  • Who can Apply
    • Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
  • When to Apply
    • April 3, 2020: small businesses and sole proprietorships can apply.
    • April 10, 2020: independent contractors and self-employed individuals can apply.
    • The U.S. Department of Treasury encourages applying as quickly as possible because there is a funding cap.
  • Where to Apply
    • Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
    •       Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Consult with your local lender as to whether it is participating in the program.
    • For a list of lenders that offer loans visit:
  • What is Needed to Apply
    • Application
      • Available here.
      • Information needed to complete application:
        • basic identifying information of business, business TIN number, average monthly payroll, the number of jobs supported by the company, and what specifically the loan money will be used for. Additionally, applicants must list all owners who hold at least a 20 percent ownership stake in the company and affirm that they are not party to federal crimes.
    • Additional Documents
      • Lenders will need to be provided with payroll documentation.
    • Certification
      • As part of the application, applicants must certify in good faith that:
        • Current economic uncertainty makes the loan necessary to support ongoing operations.
        • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
        • That they have not and will not receive another loan under this program.
        • That applicant will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting the loan.
        • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
        • All the information provided in application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
        • Acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. Applicants must certify that they understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

Emergency Economic Injury Disaster Loans (“EIDLs”):

  • Who can Apply
    • Businesses with less than 500 employees, individuals operating sole proprietorships, independent contractors, cooperatives, non-profits and ESOPs with not more than 500 employees are eligible for EIDLs.
  • When to Apply
    • Applicants can apply online now.
  • Where to Apply
    • Can apply online here.
  • What is Needed to Apply
    • As part of the application process applicants need to:
      • Verify Eligibility
        • Certify that the business falls within the parameters of the Economic Injury Disaster Loan (EIDL) Program.
        • Certify that the business is not engaged in certain disqualifying activities.
      • Provide Business Information
        • Information that must be provided includes: the legal and trade names of the business; Federal EIN number or Social Security number; gross revenue and cost of goods sold for the 12 months leading up to January 31, 2020; date business was founded and; the number of employees.
      • Provide Business Owner(s) Information
        • Information that must be provided for each owner includes: percentage of business ownership; home address; phone number; social security number; date and place of birth; and citizenship status.
      • Provide Additional Information
        • Applicants will be asked about criminal history, previous issues regarding dealings with the federal government, and the name and contact information of anyone who assisted with the loan application.
      • Emergency Grant
        • Applicants will be asked if they would like to be considered for a $10,000 advance on the loan. This is the $10,000 emergency grant provided by the CARES Act. Businesses who are approved should receive the grant three days after the Administrator receives the application. The grant does not need to be paid back.

Express Bridge Loans (EBL)

  • Who can Apply
    • Businesses who currently have a business relationship with an SBA Express Lender can apply for up to $25,000.
  • When to Apply
    • Businesses can apply now.
  • Where to Apply
    • Businesses should contact the SBA Express Lender they have an existing banking relationship to seek an EBL.
      • SBA Express Lenders may only make EBL loans to eligible small businesses with which the Lender had an existing banking relationship on or before the date of the applicable disaster. A relationship with any of the SBA Express Lender’s affiliates will not satisfy the requirement of an existing banking relationship.
    • EBL loans can only be made by SBA Express Lenders that had a valid SBA Form 2424, “Supplemental Loan Guaranty Agreement SBA Express Program,” in effect as of the date of the applicable disaster. (For the COVID-19 Emergency Declaration, the date of the applicable disaster is March 13, 2020.)
  • What is Needed to Apply
    • Businesses should contact the SBA Express Lender they have an existing banking relationship with to determine what is needed to seek an EBL.

Appendix A

Fifth Third Bank

  • 5/3’s website offers an overview of the Paycheck Protection Program. There is no guidance on applying for the program.
  • Overview available here.

Huntington National Bank

  • Huntington offers a Business Banking Resources and Support for COVID-19 page available here.
    • The page provides an overview of the SBA programs and informs customers that Huntington is awaiting SBA guidance and plans to quickly provide customers access to the small business loan programs provided by the CARES Act. Encourages customers to check back for updates.
    • Customers are encouraged to be “application-ready” by gathering the following information:
      • 2019 and 2020 year-to-date monthly profit and loss statement
      • 2019 and 2020 year-to-date payroll reports
      • State income, payroll, and unemployment insurance filings
      • TAX ID/EIN and complete ownership information
    • Huntington offers a Response to COVID-19 page at:
      • The page provides small business owners with the details of Huntington’s response to COVID-19 including deferral programs.
      • Small Business Loan Payment Deferral Program – In an effort to look out for our small business customers, Huntington is offering up to 90 days of payment deferral on all small business loans for those experiencing financial hardship due to COVID-19. Please note that interest will continue to accrue during the payment deferral period.
      • Credit Card Payment Assistance - Beginning on March 19, 2020, Huntington has suspended charging late fees related to credit card payments. This suspension is effective through the end of May 2020 and we will evaluate whether to extend this program. Need-based credit card payment deferrals can also be requested by contacting the Business Credit Card Customer Assistance Team at (888) 696-9982, daily 7:00 a.m. to 7:00 p.m. ET, 7 days a week.
      • 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 May 2020 and we will evaluate whether to extend this program.
      • Small Business Economic Injury Disaster – We are working directly with the Governor’s offices to facilitate a disaster declaration from the SBA for businesses to be eligible for Economic Injury Disaster loans.

PNC Bank

  • PNC’s website provides a general overview of the Paycheck Protection Program and includes a frequently asked questions section. Available at:
  • PNC asks businesses interested in applying for the loan to fill out a contact form so a PNC Business Banker can contact them regarding what steps to take.
    • PNC business clients with an annual revenue of greater than $5 Million can fill out their contact information here.
    • PNC business clients with an annual revenue of less than $5 Million can fill out their contact information here.

Key Bank

  • Key Bank’s website provides an overview of programs available to small businesses. Available here.
    • Borrower Assistance
      • You may be eligible for immediate help including extensions, waived late fees or waived penalties through our Borrower Assistance Programs.
      • More information available here.
    • Temporary Assistance Loan
      • Starting at 1% APR, our shorter term, no collateral loans are easy to apply for and quickly funded—you could have your money as soon as the same day.1 Available to existing clients only.
    • Support through the C.A.R.E.S. Act
      • The Coronavirus Aid, Relief, and Economic Security Act is a $2 trillion relief package including rebates for individuals, small business loans, increased unemployment benefits and a variety of tax breaks. Through CARES and the Small Business Administration, KeyBank is offering small business Paycheck Protection Program loans.
  • Applying for the Paycheck Protection Program
    • Those interested in applying for the Paycheck Protection Program can connect to a Small Business Wellness Advisor by submitting their information here.

Citizens Bank

  • Citizens Bank’s website offers a COVID-19 resource center here.
  • Relief for Business Banking Customers Includes:
    • Payment deferrals for up to 180 days with no credit bureau impact
    • Cash Management service fee waivers for up to 90 days
    • Late fee and overdraft fee waivers
    • Small business referral facilitation for SBA Economic Injury Disaster loans
  • The website does not address the CARES Act loans. 

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