Business banking during the
COVID-19 pandemic

Business banking during the
COVID-19 pandemic

PERSONAL | BUSINESS | WEALTH

Paycheck Protection Program

Currently, new Paycheck Protection Program (PPP) loans from the U.S. Small Business Administration (SBA) are not available. In mid-October, we sent an email to the Authorized Representative on file which laid out the timeline for invitations to apply for forgiveness. If you did not receive this email, please contact your assigned Relationship Manager, Banking Center Manager, or the Comerica Contact Center.

For PPP loan forgiveness information, please visit our PPP page.

Economic Injury Disaster Loans

The Small Business Administration (SBA) issued a press release on March 13, 2020 announcing that it will offer low-interest Economic Injury Disaster Loans of up to $2 million to help small businesses experiencing a temporary loss of revenue due to the COVID-19 pandemic. This program is processed, approved and funded directly by the SBA government agency. Learn about the SBA’s three-step process for disaster loans.

To learn more about disaster loans or apply, visit SBA.gov/coronavirus. If you have questions, call the SBA disaster assistance customer service center at 800.659.2955 or email disastercustomerservice@sba.gov.

Comerica is an SBA Preferred Lender

If SBA Express financing is right for you, receive an SBA Express loan upfront guaranty fee waiver of up to $250 for loans and lines of credit up to $350,000.

Please contact a local Comerica Banking Center to discuss your options or to make an appointment.

We are continuing to monitor the outcome of federal legislation discussions which include additional proposed relief measures regarding the guaranty fee waiver and will provide new information here if and when it becomes available.

SBA fraud schemes

Additionally, be aware that fraudsters often seek to take advantage of economic stimulus programs. Help protect your business by visiting the SBA’s website to learn about grant fraud, loan fraud and phishing scams at SBA Programs - Scams and Fraud Alerts.

Questions about your Comerica loan?

Contact your Banking Center Manager or Relationship Manager.

Financial hardship?

If your business is experiencing financial hardship as a result of impacts from COVID-19, we encourage you to contact your relationship manager or call 888.444.9876 to discuss your situation, including loan payment deferral and fee waiver options.

Comerica Bank and the Comerica Charitable Foundation have announced a plan to invest $4 million in community programming support and businesses impacted by the COVID-19 crisis. Read our news release.

Main Street Lending Program: IMPORTANT UPDATE

The Federal Reserve funding deadline for the MSLP is 12/31/20. The Federal Reserve indicated their portal would close prior to that date to ensure all loans in process can be funded by the deadline. In order to meet the Federal Reserve timelines, Comerica is no longer accepting MSLP inquiries. If the Federal Reserve extends the program deadline we will evaluate the situation.

Main Street Lending Program - For Profit Businesses

On April 9, 2020, the Federal Reserve announced $2.3 trillion in loans to support the economy, including $600 billion for the Main Street Lending Program (MSLP). The Main Street Lending Program is currently being designed to offer 5-year unforgivable loans starting at $250,000 to small and mid-sized businesses employing up to 15,000 workers or with revenues of less than $5 billion. 

Visit the Federal Reserve site for the most up-to-date Main Street Lending Program - For Profit information, terms and FAQs.

Main Street Lending Program - Nonprofit Organizations

On July 17th the Federal Reserve modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations. 

Visit the Federal Reserve site for the most up-to-date Main Street Lending Program - Nonprofit Organization information, terms and FAQs.

*A nonprofit organization is considered a current/existing a Comerica customer if it has at least one or more of the following since March 13, 2020; Business checking account or account in a business name, a business loan, or another Comerica checking account or loan for a business.

Changes to banking center hours & availability

While we recognize that our banking centers operate as vital resources in the communities we serve, we’ve temporarily adjusted our operating standards for the protection of our customers and employees. To help ensure your safety and peace of mind when you visit us, we're following these CDC measures to help prevent the spread of COVID-19:

  • Request an appointment
    • Appointments can be requested for transactions or services that can’t be done via ATM, drive thru or Banker ConnectSM interactive teller machines. 
    • Lobby access will be limited to an average of 3 customers at a time to adhere to CDC social distancing rules.
  • Personal space and protection
    • Masks are required. If you don't have one, we will provide a disposable one before you enter.1
    • Teller stations are equipped with plexiglass shields.
    • Distancing markers on the floor ensure your six-foot safety zone.
  • Greeter at the door
    • A Comerica Greeter will welcome you and may ask you to lower your mask and show your ID.
    • Greeter will ask a few health-screening questions.
    • If you have an appointment—or have no appointment and lobby is not at capacity—Greeter will invite you in.
    • If you don't have an appointment and the lobby is at capacity, we can call you when you are next in line or you can set up an appointment for a visit at a later time.

Please visit comerica.com/local to find the closest banking center, ATM or Banker ConnectSM interactive teller machine.

1 If you have a medical condition that prevents you from wearing a mask, you may enter without one.

 

Temporary Shortage of U.S. Coins in Circulation

In mid-June 2020, the Federal Reserve announced that shutdowns caused by COVID-19 have caused a temporary nationwide shortage of U.S. coins in circulation, including those available to banks and businesses. During the time in which businesses were closed, consumers had few opportunities to use coin when making purchases, resulting in this supply shortage. Please visit our U.S. coin shortage page for more information.

 

Treasury Management Solutions for Your Business 

If you are currently using a manual or paper-based process to conduct your business and are experiencing challenges, we recommend transitioning to a digital solution.

Comerica offers a variety of digital Treasury Management solutions that can help you more efficiently manage your payables, receivables, information reporting and liquidity management needs. We are here to help you mitigate risk and adapt to the changing operating environment with minimum interruption.

Contact Us.
Comerica Treasury Management 888.341.6490 to talk to a representative about the best digital banking solutions for you.

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