Business Resources and Support for COVID-19

We are committed to your business.

People’s United Bank is committed to helping its customers meet the business challenges posed by the COVID-19 outbreak. From our online access tools that allow companies to bank remotely to our status as a Small Business Administration Preferred Lender, we’re honored to support lending programs and provide services that allow businesses to access capital and maintain their operations in challenging times.

Small Business Administration (SBA) Lending Programs

The US Small Business Administration (SBA) has several programs in place to provide assistance funding to businesses that qualify. Business owners / managers should check with the SBA regularly as programs and benefits continue to evolve.

As of Monday, April 27, the SBA began accepting Paycheck Protection Program applications
for the $310 billion in additional funding allocated by Congress.

Paycheck Protection Program (PPP)

Paycheck Protection Program loans are designed to provide a direct incentive for eligible small businesses to keep their workers on the payroll. The program provides eligible small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

  • Available to small businesses with 500 or fewer employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees are eligible in certain industries.
  • Loan amount is based on the average monthly payroll cost multiplied by 2.5. Certain income levels are excluded from payroll costs. The loan is subject to a $10 million cap and features a two year term.
  • Payments on principal and interest will be deferred for 6 months, and loans will be forgiven if specific conditions are met.

PPP Loan Forgiveness

The SBA is currently outlining steps for how PPP Loan Forgiveness applications should be processed by lenders.

  • People’s United is not accepting PPP loan forgiveness applications at this time. Our website will be updated as additional information becomes available.

How People's United Bank
Customers Can Learn More

  • Inquiring on the status of an application?
    Please contact your Relationship Manager or the branch banker who took your application.
  • Looking to apply?
    Current People's United Bank customers may contact a local branch or call (888) 772-1090 between 9am to 5pm, Monday – Friday. If you have a Relationship Manager, please contact them directly. Customers without a Business Checking account will need to open one for the loan proceeds to be deposited into.

Applicants are subject to SBA program eligibility requirements. Information and site links are subject to change without notice. Borrowers should discuss with their financial advisors if an EIDL or PPP loan is best suited for their individual situation.

Economic Injury Disaster Loans (EIDLs)

The Economic Injury Disaster Loan Program provides small businesses with working capital loans that can help them overcome a temporary loss of revenue as a result of a disaster. In response to the Coronavirus pandemic, small business owners in all U.S. states are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

  • The EIDL program will assist businesses impacted by COVID-19 and allows businesses to borrow up to $2 Million with a maximum loan term up to 30 years.
  • The EIDL program includes an option for a $10,000 cash advance within three days of a successful application that does not have to be paid back even if the borrower’s application is subsequently rejected.
  • Borrowers that subsequently apply for a Paycheck Protection Program loan will have the $10,000 cash advance deducted from their PPP loan.
  • Businesses can apply directly to the SBA for a disaster loan.

Applicants are subject to SBA program eligibility requirements. Information and site links are subject to change without notice. Borrowers should discuss with their financial advisors if an EIDL or PPP loan is best suited for their individual situation.

State Relief Resources

In addition to the national CARES Act, many states in the People’s United Bank geographic footprint have implemented their own programs and resources to support businesses. Select your state to see what it offers. Information and site links are subject to change without notice.

Small Business Insights

How to Avoid a Cash Flow Crisis: Know Your Business

All businesses, regardless of their size, are susceptible to cash flow problems but none more so than small businesses. Whether it is underestimating a sales cycle, falling behind on collections, an unexpected downturn in the economy, or a disruption like bad weather, small businesses are much more prone to a cash flow crisis. Fast-growing businesses are especially vulnerable to cash crunches when increasing expenses begin to outrun their cash flow or they let their receivables get out of control.

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