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Financial Assistance for Businesses

Updated 10/13/2020

Alert: Small Businesses Targeted Through Spoofed SBA COVID-19 Loan Relief Webpage
Please review Alert (AA20-225A) on the Department of Homeland Security website.

Streamlined Forgiveness Process Announced

The Small Business Administration announced on October 8, 2020 a streamlined Forgiveness process for borrowers with loans of $50,000 or less. We will work to incorporate this new application into our digital platform.

Paycheck Protection Program: Loan Forgiveness

A key feature of the Paycheck Protection Program (PPP), which authorized funds for qualifying businesses to obtain loans for payroll, benefits, rent and other costs, is the "forgiveness" aspect of the Program. For Dollar Bank customers that received funding through the SBA’s Paycheck Protection Program (PPP), you may be eligible to request loan forgiveness.

Dollar Bank has started to reach out to borrowers in groups inviting them to apply for forgiveness. In the coming weeks, we’ll be sending customers an e-mail that explains how to initiate a request for forgiveness through our digital platform. (For now, we’ll be holding off on inviting borrowers with loans of $50,000 or less, given the SBA’s recent announcement and updates needed within our digital platform.) Within our invitation we will describe how our digital platform walks you through the process to apply. In addition, we’ll provide links to video tutorials to help familiarize yourself with the application process.

In preparation, we recommend you familiarize yourself with the appropriate forgiveness application, including the necessary supporting documentation. Borrowers will not need to submit one of these forgiveness applications - our digital platform will guide borrowers through the information required and populate a personalized forgiveness application so you will not need to submit one of these applications.

Resources for PPP Loan Forgiveness:

Full Forgiveness Application
Full Forgiveness Instructions for Borrowers
Required Documents to Submit Full Forgiveness Application
EZ Forgiveness Application
EZ Forgiveness Instructions for Borrowers
Required Documents to Submit EZ Forgiveness Application
Streamlined Forgiveness Application (for loans totaling $50,000 or less)
Streamlined Forgiveness Instructions for Borrowers (for loans totaling $50,000 or less)
FAQs on PPP Loan Forgiveness from The U.S. Treasury and SBA
Our Most Common Loan Forgiveness Frequently Asked Questions

Please note that since the inception of the PPP, the U.S. Treasury and the SBA have continually modified the Program guidelines. It is your obligation, as the borrower, to understand the Rules. PPP recipients must continue to follow any new PPP Interim Final Rule, as released. Given the potential liability, we advise you to consult your legal and accounting professionals.

FAQs for Lenders and Borrowers 

Paycheck Protection Program: Not Currently Accepting Applications

The Coronavirus Aid, Relief and Economic Security (CARES) Act was created to help small-to-medium sized businesses keep workers employed amid the pandemic. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that may be forgiven, if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

Business Customer Loan Payments

Business and Corporate Banking customers who may need assistance with existing Dollar Bank loans should contact their lending officer directly.

SBA 7(a) Loan Payments

While much of the focus of the CARES Act has been on the Paycheck Protection Program, the Act also contained a key provision related to existing SBA loans. The Act appropriated $17 billion to subsidize some small business loans. For loans in regular service made under Section 1112 of the CARES Act, the SBA will provide debt relief to pay the principal, interest and fees owed for a period of six months on current loans under the SBA 7(a) loan program. Payments commence with the first payment due after March 27, 2020 and will be made directly to Dollar Bank on the customers behalf.  If you’ve already made payment for the period after March 27, 2020, please contact your lending officer for options regarding that payment.

Business Credit Card Assistance

Business credit card customers who may need assistance with their Dollar Bank business credit cards should call 1-800-346-2420, Monday through Saturday, 8:30 AM to 4:30 PM ET.

Helpful Links

While not managed or facilitated by Dollar Bank, we are providing these national, state and local links to information you may find helpful:

Small Business Administration (SBA) Coronavirus Relief Options
Save Small Business Fund
Small Business Guide and Checklist, prepared by the U.S. Chamber of Commerce
Small business section of the Treasury Department CARES website

Cuyahoga County: Small Business Resources
Hebrew Free Loan Association (HFLA) of Northeast Ohio’s Interest Free Business Loan
Honeycomb Crowdfunded Small Business Relief Loan

Richard King Mellon Foundation
Jewish Healthcare Foundation
COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) 
Pennsylvania Department of Community and Economic Development

Chesapeake Virginia Economic Development
Virginia Beach Economic Development
The City of Norfolk Economic Development

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