With the financial uncertainty surrounding the coronavirus, small businesses are evaluating all available sources for capital. Federal and state governments are offering assistance where they can, but private companies, like banks, have also made adjustments to policies in order to support local companies. 

We’ve gathered a list of some of the major US banks and the changes they’ve made to support small businesses through the COVID-19 crisis. 

Note: In addition to SBA disaster loans, US Bank and Washington Federal are offering some of the most compelling emergency loans right now.

SBA approved lenders

The CARES Act (passed on March 27, 2020) provided over $350 billion in funding to support small businesses. SBA approved lenders can now offer Paycheck Protection Program (PPP) loans in addition to traditional Economic Injury Disaster Loans (EIDLs).

Big name banks are likely already SBA approved lenders, though the list is expanding every day due to current high demand. Find eligible lenders in your area here.

Major US banks (A-Z)

American Business Bank

American Business Bank states that if your business has been, or stands to be negatively affected by coronavirus to contact your Relationship Manager. If you need additional banking services to help you through economic uncertainties contact the Treasury Management team. Learn more here.

Associated Bank

Associated Bank is providing the following programs:

  • Small Business Loan Payment Deferral Program: Payment deferrals for up to 90 days, with no credit bureau impact. Call 1-800-337-4641 or contact your banker
  • Small Business Credit Card Payment Relief: Temporary payment relief assistance, including fee waivers and preventing the assessment of late or over limit fees, for customers who contact Cardmember Services using the number on the back of their card
  • Small Business Loan Late Fee Suspension: Suspending late fees on loan payments in April 2020, providing customers the opportunity to adjust to workplace changes

Learn more here.

Bank of America

Bank of America is supporting their customers through their Client Assistance Program, offering tailored solutions for businesses facing financial hardship. They are also offering payment deferrals for credit card customers. Find out more here.

Bank of the West

Bank of the West wants customers who have been impacted by COVID-19 and need assistance with their accounts to call 1-800-488-2265 to discuss solutions. Find out more here.

BBVA

BBVA is offering:

  • Payment deferrals and extensions for small business loans and credit cards
  • Refunds and waivers on ATM fees
  • Penalty-free CD withdrawals for CDs opened prior to March 1, to free up cash

Read more here.

Capital One

Capital One recommends that if customers are impacted or need assistance to contact them to help find a solution. To read their assistance release visit their page.

Chase

Chase plans on providing updates and resources to help businesses manage disruptions caused by COVID-19. Find out more here.

Citibank

Citibank is offering Retail Bank Small Business Customers:

  • Fee waivers on monthly service fees and remote deposit capture
  • Waived penalties for early CD withdrawal
  • Bankers available after hours and on weekends for support 

Find out more here.

Florida Business Bank

Florida Business Bank recommends to contact them if COVID-19 is affecting your accounts or your ability to make payments. Learn more here.

Fifth Third Bank

Fifth Third Bank is offering the following:

  • Small Business Payment Waiver Program: Fifth Third is offering a payment waiver program for up to 90 days, no late fees and a range of loan modification options. They are waiving all note processing fees for new Fifth Third Fast Capital loans for six months
  • Fee Waiver Program: Fee waivers for up to 90 days for a range of consumer and small business deposit products and services

Contact their Business Banking service M-F at 1-877-534-2264 or [email protected]. Learn more here.

Huntington Bank

Huntington Bank is offering two specific programs:

  • Small Business Payment Deferral Program: Small businesses experiencing financial hardship due to COVID-19 may defer payments for up to 90 days with no credit bureau impact
  • Late Fees on Banking Business Loan Suspension Program: Starting March 2020, late fees will not be charged on business loan payments. The program extends through at least the end of March 2020 with continuous reevaluation

Learn more here.

KeyBank

KeyBank states that their Wellness Advisors are available to help affected business owners ready to discuss government programs and solutions for lowering borrowing costs. Contact them at 1-888-KEY-4BIZ (1-888-539-4249). Find out more about their offerings.

M&T Bank

M&T Bank is offering:

  • Fee relief on deposits and lending solutions
  • Payment relief by making changes to your current loan payment amount or length
  • Waived fees on ATM transactions charged by M&T through the end of April
  • Waived early withdrawal fees on CDs open greater than 7 days, through the end of April
  • Waived monthly maintenance fees for Remote Check Deposit for Business Banking customers (also through the end of April)

Learn more here.

Navy Federal Credit Union

Navy Federal Credit Union recommends contacting them for solutions regarding loan extensions, deferred payments, and emergency loans. They are also waiving penalties on early withdrawal of CDs, providing overdraft protection for all checking accounts, and overnight shipping on cashier’s checks and debit cards. Find out more here.

PNC

PNC says that if customers are encountering difficulty as a result of coronavirus to contact them at 1-888-762-2265 (7am-10pm EST M-F; 8am-5pm EST S-Su). They offer “an array of hardship relief options”. You can learn more by visiting their Coronavirus Update page.

Regions

Regions is offering:

  • Penalty-free CD withdrawal 
  • Waived fees for excessive withdrawals on all savings and money market accounts 
  • Other deposit account fee waivers based on your needs 
  • Loan and credit card payment relief, including no late fees 
  • Small business loan and credit card payment assistance

For more information, visit their page.

TD Bank

TD Bank may be able to provide financial relief for those affected by COVID-19. Call 1-888-751-900 to learn more about what they can do to help and learn more here.

Truist

Truist (formerly SunTrust and BT&T) is offering payment relief assistance for clients with business credit cards and business loans. They also say that they are offering clients affected by the COVID-19 pandemic relief through “a number of lending programs.” Contact information is here.

Union Bank

Union bank is offering assistance for the following:

  • If assistance is needed related to refunds including overdraft fees, non-sufficient funds, monthly services charges, ATM fees, and CD withdrawals, call 1-800-238-4486
  • If assistance is needed with monthly payments on existing small business loans, call 1-877-479-5236, or contact your Business Relationship Manager
  • For Business credit card clients, there are flexible relief programs available. Contact 1-888-643-9800

Find out more here.

US Bank

US Bank is offering two special financing options for businesses affected by COVID-19:

US Bank Quick Loan

Eligible businesses Apply for approval
Product type Loan
Amount $5,000 to $250,000
Rate 2% lower than the business’s qualifying rate
Approval time 12 to 84 months
Regional availability AR, AZ, CA, CO, FL, IA, ID, IL, IN, KS, KY, MI, MN, MT, NC, ND, NE, NM, NV, OH, OR, SD, TN, UT, WA, WI, WY

US Bank Cash Flow Manager

Eligible businesses Apply for approval
Product type Line of credit
Amount $10,000 to $250,000
Rate 1% lower than the qualifying rate
Regional availability AR, AZ, CA, CO, FL, IA, ID, IL, IN, KS, KY, MI, MN, MT, NC, ND, NE, NM, NV, OH, OR, SD, TN, UT, WA, WI, WY

In addition to these specific programs, US Bank told USA Today that it is “reactively waving credit card fees.” They also said that they are “working to enhance skip-a-pay and payment deferral programs.” US Bank’s financial hardship assistance—that includes increased credit limits, and waived fees—continues to be offered. To learn more visit their page.

WaFd Bank

WaFd Bank has one of the most compelling emergency loans offers available right now, offering a line of credit up to $200,000 with expedited approvals. Apply now.

WaFD Bank Small Business Lifeline

Eligible businesses Businesses that have seen greater than 10% drop in revenue due to COVID-19
Product type Line of credit
Amount Up to $200,000
Rate 0% for 90 days; adjusted to market rates afterward
Approval time Expedited for lines up to $30,000
Regional availability AZ, ID, OR, NM, NV, UT, WA, Dallas/Austin TX

Wells Fargo

Wells Fargo is offering fee waivers, payment deferrals, and “expanded assistance” for small business lending customers. It is also deploying $2M of flexible capital for customers in need of immediate financial assistance. Find out more here.

Other lenders

Though not every lender is offering coronavirus-specific assistance, many are still actively making loans or offering financial products that can help small businesses with cashflow. These lenders include Kapitus, Kabbage, OnDeck, FundingCircle, BlueVine, and Fundbox.

Kabbage’s HelpSmallBusiness initiative can also help businesses that have been forced to temporarily close their doors, by allowing them to offer gift certificates online, and accept payments using those gift certificates later using Kabbage Payments.

In addition, services like Lendio and Fundera can aggregate business information and apply to many loan options at once, saving you time from sending in many separate applications.

Small business loan providers

Company Get a loan
Lendio Apply now
Kapitus Apply now
Kabbage Apply now
OnDeck Apply now
FundingCircle Apply now
BlueVine Apply now
Fundbox Apply now

We have partnered with some lenders, which may provide us compensation.

Resources are available

Small businesses can and will weather the coronavirus storm—with the right access to capital. If a bank loan isn’t right for your business, consider an alternative emergency business loan or small business grant.

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