SBA Paycheck Protection Program Loan

These times may be unprecedented, but our commitment to serving our customers' banking needs remains the same as it has since 1858.

You may be eligible for a Small Business Administration Paycheck Protection Program loan under the new federal law designed to provide small businesses quick access to capital for payroll and other overhead costs.

Beginning the application process is easy!

  • ✓ Email to confirm that you would like to move forward with the application process. katrina.lunsford@53.com
  • ✓ Upon receipt, this begins the application process.
  • ✓ She will get back to you regarding next steps.

As a reminder, below are the eligibility requirements and information to have ready for the application process.

Here's what you need to know about the program, which was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This is based on the latest information from the Small Business Administration and the Treasury Department. Other eligibility requirements may apply.

Max Loan Amount
  • Up to $10,000,000
  • Max 2-year term

Loan amount is based on payroll expenses
Loan Purpose
  • Payroll costs
  • Mortgage interest / lease payments
  • Utilities
  • Interest on other pre-existing debt
  • An SBA Economic Injury Disaster Loan received between January 31, 2020 and April 3, 2020 is eligible to be refinanced. Subject to additional SBA requirements.
Forgiveness Available Yes, if borrower provides documentation of SBA approved use of funds

  • At least 75% of funds must be used for payroll costs

Be Ready

In order to apply, you will need the following information:

  • Number of employees.
  • Business mailing address.
  • Email addresses for owners with a 20% or greater ownership interest.
  • Financial records for your business to calculate the average monthly payroll for the 12-month period prior to application, such as such as payroll processor records, payroll tax filings, Form 1099-MISC and bank records, or income and expenses from a sole proprietorship. If the borrower doesn't have such records, borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.

Loan forgiveness eligibility

If funds are used for certain qualifying costs incurred, such as payroll, rent and utilities, and mortgage interest during the first eight weeks following the date the loan is made, you may be eligible to have all or a portion the loan principal forgiven. SBA guidance will be provided as to when and how to submit that documentation when it's available.

As always, thank you for choosing Fifth Third Bank, National Association — and stay safe.

Best regards,

Katrina Lunsford