Government Stimulus
CARES Act
For Businesses
SPECIAL NOTICE
Effective May 5, 2021, the US Small Business Administration has notified lenders that funding for first- and second-draw PPP loans authorized by the Economic Aid Act and PPP Extension Act of 2021 has been exhausted. As a result, People’s United Bank can no longer accept new PPP applications.
Customers with loans in process prior to May 5 will be notified by email (using the email address provided at the time of their application) if their loan was or was not authorized by the SBA before the exhaustion of funds.
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.
Paycheck Protection Program Loan Forgiveness
People’s United Bank is accepting customer applications for PPP Loan forgiveness for loans funded in 2020. For PPP loans obtained in 2021, the online application portal will only accept those forgiveness applications if a Covered Period of at least 8 weeks has passed.
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.
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're here to help.
We're everywhere you need us to be. We're focused on serving our communities, our customers and our employees during this difficult time.
On April 2, 2022, People's United Bank, N.A. merged into M&T Bank. It is now part of M&T Bank and its former branches and most services will operate as the People's United division of M&T Bank until we complete the integration of our systems later in 2022. M&T Bank is a Member FDIC, 
Equal Housing Lender and Equal Opportunity Lender.