Business banking during the
COVID-19 pandemic

Business banking during the
COVID-19 pandemic

PERSONAL | BUSINESS | WEALTH

Paycheck Protection Program

Comerica continues to accept loan applications for the Paycheck Protection Program (PPP), which was passed as part of the CARES Act in March of this year. To apply for a PPP loan and for information about the loan forgiveness process, please visit our PPP page.

Check out our PPP Highlights to learn about the approximately 13,000 PPP loans for which we’ve obtained funding for our customers.

Main Street Lending Program

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 4-year unforgivable loans starting at $500,000 to small and mid-sized businesses employing up to 15,000 workers or with revenues of less than $5 billion. 

On April 30, the Federal Reserve announced revised details and terms for its Main Street Lending Program including information for three separate loan facilities. Please visit the Federal Reserve site often as updates will be made as the Federal Reserve provides additional information, including when they are prepared to purchase Main Street Lending Program loans.

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.

Review this PDF to understand how the Economic Injury Disaster Loans program differs from the PPP Loan program outlined above.

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.

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. 

In the Arizona, California, Florida, Michigan and Texas Markets:

  • Effective, Thursday, April 9th all banking center lobbies have temporarily closed; ATM and drive thru services (where applicable) will continue to be available with no change in hours
    • 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 is now limited to 3 customers at a time to adhere to CDC social distancing rules
    • Safe deposit box access will be by appointment
    • Night depository services will continue to be available
    • ComeriMart in-store locations will be closed, but ATMs will remain available; Access to safe deposit boxes will be scheduled by appointment only. All other services will be redirected to nearby banking centers

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

 

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.