Business banking during the
COVID-19 pandemic

Business banking during the
COVID-19 pandemic

PERSONAL | BUSINESS | WEALTH

Paycheck Protection Program

Comerica is not currently accepting new applications for the SBA’s Paycheck Protection Program. If you are interested in applying for a new PPP loan while the program remains open, the SBA’s Find a Lender search tool can assist you in finding another participating lender. If we begin accepting additional SBA PPP loan applications as a result of further SBA guidance and changes to the PPP loan program, we will update this site accordingly. In the meantime we are building an SBA PPP loan forgiveness process in accordance with the rules and regulations prescribed by the SBA.

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

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 often for the most up-to-date information, including:

  • Main Street Lending Program Overview
  • Term Sheets 
  • Frequently Asked Questions
  • Reports to Congress 
  • Related Press Releases

 

Comerica Bank has opened the Main Street Lending Program Customer Loan Inquiry Process for existing* Comerica business customers.

If you are a non-Comerica customer, please contact us to connect with Comerica to discuss other lending solutions.

If you are an existing Comerica business customer since March 13, 2020, and feel the business is eligible for the Main Street Lending Program, we encourage you to follow these steps to get the process started:

  1. Visit the Federal Reserve site for the most up-to-date Main Street Lending Program information, terms and FAQs.
  2. Determine initial eligibility by reviewing the borrower eligibility terms as defined by the Federal Reserve.
  3. CLICK GET STARTED to continue with the Main Street Lending Program - Customer Loan Inquiry Process.

 

Our Lending Professionals are committed to providing the best experience possible, please allow two business days for a response if you meet the initial eligibility terms as defined by the Federal Reserve.

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

Learn more about the Main Street Lending Program.

Download the Introduction to the Main Street Lending Program guide

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. 

  • Effective Thursday, April 9th the Arizona, California, Florida and Texas 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 will be 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
  • Effective Monday, July 20th the Michigan banking centers will reopen with lobby access limited to 3 customers at a time to adhere to CDC social distancing rules
    • To avoid a wait, appointments can be requested for services or safe deposit access
    • Night depository services will continue to be available

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

 

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.