Business Resources and Support for COVID-19

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.

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.

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.  


Paycheck Protection Program Loan Forgiveness

  • As of October 20th, People’s United is accepting applications for Paycheck Protection Program Loan forgiveness. In the coming weeks, approximately around the time of the end of the borrower’s Covered Period, customers will receive an invitation to apply by email. The email will contain a link providing information on the process and access to the loan forgiveness application portal.
  • PPP borrowers through People’s United Bank who apply for loan forgiveness will do so through an automated 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, as well as if you qualify to use the “EZ” or 3508S applications.
  • People’s United Bank will validate forgiveness applications submitted by borrowers, and any approved forgiveness amount must also be approved by SBA. SBA approval of forgiveness applications may take up to 90 days following the bank’s determination.
  • The SBA has published an Interim Final Rule covering additional revisions to loan forgiveness rules and the Paycheck Protection Program Flexibility Act.

For inquiries on application status or questions on the Loan Forgiveness process

  • Please contact your Relationship Manager or the branch banker that took your application, call our PPP helpline at (888) 772-1090 or watch the helpful video below where we walk you through what you need to know about applying for forgiveness.

Video content based on SBA guidance and is up-to-date as of September 28, 2020.

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.

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 loan is best suited for their individual situation.

Federal Reserve Program

The Federal Reserve has established a lending program to provide assistance funding to businesses affected by COVID-19. Business owners / managers should check with the Federal Reserve regularly as program details continue to evolve.

The Main Street Lending Program

As a part of the CARES Act, the U.S. Government has provided $600 billion for the “Main Street Business Lending Program,” to be administered by the Federal Reserve. The Main Street program is intended to support mid-sized businesses that now face hardships as a result of the COVID-19 crisis.

  • The Program offers five-year loans to businesses that meet specific criteria and were in good financial standing before the coronavirus crisis hit. Principal payments will be deferred for two years and interest payments will be deferred for one year (unpaid interest will be capitalized) under this program.
  • Borrowers are required to follow compensation, stock repurchase and dividend restrictions that apply to direct loan programs under the CARES Act, with exceptions for S corporations and other tax pass-through entities.
  • Businesses that have taken advantage of the Small Business Administration’s Paycheck Protection Program may also take out loans under this new program.

Learn More About the Program

Companies interested in the Main Street Lending Program should contact their People’s United Bank Relationship Manager.

Information and site links are subject to change without notice.

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.

12:54 minutes
About the Paycheck Protection Program Loan Forgiveness Process

Watch this helpful walk through of what you need to know about applying for PPP Loan Forgiveness. Including: eligibility of business expenses, impact of the Flexibility Act on the covered timeframe and qualifying transactions, and much more. Presented by Michael Desimone, Segment Manager, People's United Bank.

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.

Stay connected to your accounts 24/7

Convenient online and mobile business banking

Check balances, deposit checks, or make payments from your phone or online, plus 24/7 online access to all your cash management activity through eTreasury+, our online banking solution.

Mobile phone laying flat, showing various options for moving or transferring funds

Get the Business Mobile App

Business Mobile Banking is available to business customers enrolled in Business Online Banking.

It's fast, free, convenient. Bank any time, any day, from anywhere your device has a connection.

Not enrolled in eTreasury+?

© 2020 People's United Bank, N.A.