Business Resources and Support for COVID-19

Small Business Administration (SBA) Lending Programs

The 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.

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With the enactment of the Paycheck Protection Program (PPP) Extension Act, the deadline to apply for a new first- or second-draw PPP loan has been extended to May 31, 2021.

While the SBA has extended the Paycheck Protection Program until May 31, 2021, PPP loan funding is limited, and the SBA’s processing time to grant an approval can vary. People’s United Bank encourages interested borrowers to complete a PPP application as soon as is practical to ensure adequate time for SBA review and approval.

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 10-14 weeks of payroll costs including benefits. Funds can be used to pay rent, interest on mortgages, utilities, certain operational expenses and other items as specified.

Applications for first and second draw PPP loans will follow a multi-step review and approval process involving both People’s United and the SBA. Once your application is submitted, it may take several days for it to be validated and then reviewed by the SBA. The SBA is using a “batch” process to review loans that may result in confirmations taking longer to deliver than was typical of last year’s first and second PPP rounds. We understand the urgency of obtaining PPP funds as quickly as possible, and appreciate your patience in understanding the time it may take to receive confirmation from the SBA that your loan application has been approved.

Now accepting PPP Loan Applications

People’s United Bank is currently accepting applications for “first draw” (first-time) and “second draw” (second) PPP loans until the program’s expiration date of May 31, 2021, or the exhaustion of program funds.

Click below to learn more about application requirements and to apply for a PPP loan

Paycheck Protection Program Loan Forgiveness

People’s United Bank is accepting customer applications for PPP Loan forgiveness for loans funded in 2020.

PPP borrowers through People’s United Bank who apply for loan forgiveness will do so through an online platform. The platform will closely follow the content of the forgiveness applications issued by the SBA, but the application forms will NOT be uploaded into the platform. Please familiarize yourself with the information requested in the applications (SBA-published FAQs are available), as well as which application your qualify to use: 3508-S, 3508-EZ, or the full 3508.

Learn more about the forgiveness application process and begin your application.

For inquiries on your application status or the Loan Forgiveness process:

  • Contact your Relationship Manager or the branch banker that took your application
  • Call our PPP helpline at (888) 772-1090

We would like to remind you that some people are using times like this as an opportunity to take advantage. Please remember that we will never contact you to ask for sensitive information, like online banking IDs, passwords, one-time verification codes, account numbers, or Social Security numbers. Please be on the lookout for scams that are designed to trick you into giving your personal information.

Information and site links are subject to change without notice. Borrowers should discuss with their financial advisor if a PPP 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.

  • The EIDL program will assist businesses impacted by COVID-19 and allows businesses to borrow up to $500,000 with a maximum loan term up to 30 years.
  • Businesses can apply directly to the SBA for a disaster loan.

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 loan is best suited for their individual situation.

We are committed to supporting 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.

Learn how People’s United provided critical support to customers applying for PPP funds during the pandemic.

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.

Webinar: Merchant Services in the COVID-19 Economy

Watch a presentation by People’s United Merchant Services and Thad Peterson of Aite Group on the recent shifts in payment acceptance and how merchants can prepare for the new economy in the coming months.

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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