COVID-19 Relief for Businesses

Programs to help ease hardship impacts on your business and employees.

Paycheck Protection Program

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law to distribute capital quickly and broadly to businesses impacted by COVID-19, initially providing approximately $350 billion in funding as part of the Paycheck Protection Program (PPP). After exhausting funding, the Small Business Administration (SBA) reopened the program with an additional $310 billion in funding on April 27, 2020. The program provides for federally guaranteed loans to eligible businesses for use to retain employees on payroll and aid with other expenses such as rent, utilities, some employee benefits, and interest on mortgages or other debt incurred.

Loan Forgiveness

The SBA recently released the loan forgiveness application for the PPP. Our online forgiveness application is in development and we will notify borrowers when it is available. In the meantime, we’ve prepared a few resources to help you calculate eligible forgiveness and prepare for the application process.

Our Intro to Loan Forgiveness provides a quick glance of what the application process entails.

Our Guide to SBA’s PPP Loan Forgiveness Application provides a summary of each step in the application process with instructions on how to calculate your eligible forgiveness amount, along with the required documents you’ll need to have on hand for a seamless application process.

Stay informed by continuing to check our website. Information is being updated as new program details are released. We will inform all PPP borrowers when the TCF online loan forgiveness application is available.

Overview of Paycheck Protection Program

Below are the PPP program details, according to the latest information we have available.


The SBA's rule on businesses eligible for PPP loans includes the following if in operation on February 15, 2020:
  • A small business, including corporations, LLCs, partnerships, and sole proprietorships, with 500 or fewer employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with 500 or fewer employees
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • For businesses whose NAICS code begins with 72 (primarily food service and hospitality businesses), franchises registered with SBA, and businesses that receive financial assistance from a SBA-licensed SBIC, the size standard is expanded to <=500 employees per physical location

Loan Information

A qualified small business may be eligible to borrow up to 2.5x of its adjusted average monthly payroll costs for the applicable period (plus the eligible refinanced amount of a SBA EIDL loan made between January 31, 2020 and April 3, 2020). Loans provided under PPP shall not exceed $10 million.

The SBA has issued rules and FAQ that will help you to assess PPP eligibility and to make the required loan amount calculation based on payroll costs. You can view the SBA’s guidance at the SBA’s website.


Due to the large volume of applications already received and the uncertainty of funding for additional PPP loans, we are no longer able to accept additional loan applications through this website. Any updates will be provided here if this status changes.

Loan Process

During these unprecedented and challenging times, we understand the importance of this process to you and your business. We want to make sure you’re updated every step of the way and that you know we are here to help.
What to expect at each stage of the process
As a reminder, if your previously submitted application has reached Step 3 (Approval), that signifies that your application has already been approved by the SBA and we expect to provide you with loan documents shortly. If you previously submitted a completed application that has not yet been approved, it will be processed in the order that it was received. Please understand that processing time may vary as a result of due diligence and application review requirements.

For Additional Information on the Paycheck Protection Program

If you have more questions about how to apply or if you would like more information on how we can help, please contact a Chemical Bank or TCF Bank banking center to be connected with one of our relationship managers.

Please note that there are several different assistance programs as part of the CARES Act, and we recommend that you also consult accounting and tax professionals as you evaluate which program is right for your business.

SBA Economic Injury Disaster Loans

For businesses experiencing extreme hardship, the U.S. Small Business Administration (SBA) provides a direct, low-interest lending program for such businesses to use for financial obligations and certain operating expenses that could have been met prior to the pandemic occurring. These loans are solely offered through the SBA.


  • Small business owners in all U.S. states and territories are currently eligible to apply for the loan and loan advance.
    • Eligible borrowers include small businesses and private non-profits, agricultural cooperatives and Tribal small business concerns described in the Small Business Act – with 500 or fewer employees, and sole proprietorships, self-employed individuals, and independent contractors
    • Small businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for that industry
    • A business must have suffered substantial economic injury and be unable to meet its obligations and to pay its ordinary and necessary operating expenses

Loan Information

  • Up to $2 million in loan assistance to pay fixed debts, payroll, accounts payable, and certain bills unable to be paid due to the COVID-19 impacts.
    • Interest rates are 3.75% for small businesses and 2.75% for non-profits
    • Repayment periods may be up to 30 years, with deferred payments for one year
    • This loan is not eligible for loan forgiveness
  • Small business owners may also be eligible for a loan advance of $10,000, which is available within 3 days of application and need not be repaid.

For additional details on SBA COVID-19 Disaster Assistance and to apply for the loan, visit the SBA’s website.

For questions about either of these programs, you can contact the SBA by email at [email protected] or by phone at 1.800.827.5722.

We are here to support you along the way and will continue to update you and provide additional resources as we learn more about the relief being offered for businesses.

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