Comerica Bank announced that it is continuing to accept loan applications for the Small Business Administration’s Paycheck Protection Program in expectation of additional funds being approved by Congress. Additionally, Comerica is ensuring that all Economic Impact Payments (EIP)-eligible customers receive their full stimulus payment regardless of their account status.
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Comerica is requesting that its business customers go to comerica.com to apply for a PPP loan, if they have not done so already (if a customer has applied, that customer does not need to apply a second time). In advance of completing the application, customers should review Comerica’s PPP Online Application Guide for important information about eligibility and tips about properly completing the application.
Since the PPP launched, Comerica has received more than 12,000 applications. The PPP application is available to all existing Comerica business checking or business savings account customers as of February 15, 2020.
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Comerica also is committing that its eligible U.S. customers will receive full access to their EIP – regardless of their account status. Distribution of EIP began last week as part of the CARES Act.
Additionally, in support of COVID-19 relief efforts, Comerica is encouraging customers who have been impacted by the pandemic to contact their relationship manager or call 888-444-9876 to discuss fee and penalty waivers, loan deferrals and other considerations that best meet their unique circumstances.
Finally, as previously announced, in an effort to get additional funds into the hands of small businesses, Comerica Bank and the Comerica Foundation are investing $4 million dollars in our communities for COVID-19 relief, with $3 million directed to support small businesses impacted by COVID-19 through Community Development Financial Institutions.
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