CARES Act - SBA Loans

Part
01
of two
Part
01

COVID-19 - Assistance to Small Business Customers: Part One

Details surrounding the kind of assistance that is being offered by Ally, Bank of America, BBVA USA, Capital One, and Chase for their existing venture backed small business customers during this COVID-19 crisis have been presented below.

Ally

  • Ally has a prominent COVID-19 banner when the homepage is landed on.
  • Ally does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • Under their lending header, Ally Bank states that a customer can put off their payment for up to 120 days with no repercussions to their credit, and they won't be charged any late fees on payments due during this time.
  • Payment assistance can be done either online or by emailing BorrowerSupport.Lending@ally.com, by any current loan customer.
  • If they need payment assistance, loan customers can call 1-888-568-0186, however, there is a warning about longer wait times when selecting this option.
  • Ally Bank asserts that they are continuing to move forward with loan applications, and they are available to help with questions.
  • Loan customers can continue to make payments online as they normally would, which would be to log in to their account to pay online or set up autopay.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

Bank of America

  • It is not immediately evident that Bank of America has a COVID-19 statement on its home page. It is at the very bottom of the page, and feels like an afterthought.
  • Bank of America does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • A video hosted by Holly O'Neill, Head of Consumer, Small Business & Wealth Management Client Care, has been added to the Bank of America's coronavirus help page to explain the additional assistance the bank is offering to clients and small businesses.
  • Small business deposit account clients can ask for refunds of overdraft, insufficient funds and monthly maintenance fees. Additionally, they can ask for a payment deferral and apply for refunds of late fees on their small business loans.
  • Clients that are experiencing financial hardships because of COVID-19 are advised to visit Bank of America’s coronavirus help page and contact the client services team.
  • Through the Coronavirus Aid, Relief and Economic Security Act's Paycheck Protection Program, Bank of America has pledged $250 million in capital to fund loans.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

BBVA USA

  • A very prominent COVID-19 banner is immediately visible on their landing page.
  • BBVA does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • For small business customers impacted by COVID-19 who need a Small Business/SBA loan payment deferral or extension, a payment relief form can be completed online or by calling 844-222-3862. Agents are available Mon–Fri, 8 a.m.–6 p.m. CT. To reduce call wait times, BBVA customers are invited to log in to the mobile app and use Contact Us within the Assistance Center.
  • Small business customers can ask for refunds of overdraft fees. According to BBVA’s website, “The bank is also continuing to work on ways to further assist our customers’ financial needs.”
  • A temporary waiver of the monthly maintenance fee for the desktop Remote Deposit Capture Service is available upon request for small business owners. Additionally, a temporary waiver of the deposit account monthly service charge is also available by asking.
  • Currently, small business customers may qualify for a fixed-rate, 3-year term loans (36 months of principal and interest payments) of up to $50,000 with the first payment not due until 90 days after closing.
  • BBVA has information surrounding the CARES Act for its small business customers.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

Capital One

  • When landing on Capital One's homepage there is nothing on it that refers to the COVID-19 pandemic, Only by doing a search on their site was their COVID-19 policy available.
  • Capital One does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • Capital One states that all their clients will be eligible for help, which will depend on the type of product they have and their individual needs. The kinds of assistance being offered include minimum payment assistance, deferred loan assistance, and fee suppression.
  • Customers are urged to contact the bank directly through one of its many customer support lines if they are facing financial difficulties due to COVID-19. At its website, Capital One encourages customers who may be impacted or need assistance to reach out so that the bank can help find a solution.
  • According to Ted Rossman, industry analyst at CreditCards.com, Capital One, will allow a customer to skip a credit card payment without accruing interest.
  • By using their own SBA lending program to assist eligible business customers as they navigate the COVID-19 crisis, Capital One is working to address the CARES Act SBA loans program.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

Chase

  • It is immediately apparent when landing on the homepage of Chase that they have a COVID-19 policy in place.
  • Chase does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • A separate page on the website provides small business owners with information on contingency planning, including what goes into a plan, how to get started, issues that affect a physical location (if the business has one or more), communications and follow-up.
  • This page also provides links to the Small Business Administration’s Economic Injury Disaster Loan program, as well as a business resilience checklist.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".
Part
02
of two
Part
02

COVID-19 - Assistance to Small Business Customers: Part Two

Details surrounding the kind of assistance that is being offered by Citibank, Fifth Third Bank, HSBC USA, PNC Bank, and Wells Fargo for their existing venture backed small business customers during this COVID-19 crisis have been presented below.

Citibank

  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

Fifth Third Bank

  • It is immediately apparent that Fifth Third Bank has a COVID-19 policy as it is noticeable as soon as the landing page is opened.
  • Fifth Third Bank does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • As now stated at the website: “Special policies are in place to help address COVID-19-related hardship related to auto loans, credit card balances and loans secured by real estate. Contact us to participate in these relief efforts.” Fifth Third representatives are available at 866-601-6391, Mon–Fri, 8 a.m.–5 p.m. ET; the anticipated high call demand may make wait times longer. Hardship assistance also may be requested via Fifth Third’s online banking system.
  • Under the Business Banking Fee Waiver Program, Fifth Third bank will refund select fees for 90 days for Business Banking deposit accounts and services.
  • Fifth Third Bank is providing the Small Business Payment Deferral Program for their business customers experiencing financial hardship as a direct result of COVID-19. To participate in the programs, clients will need to contact the bank directly. Boasting no late fees and a range of loan modification options, it is a payment deferral program for up to 90 days. For six months, Fifth Third Bank is removing the note processing fee for any new Fifth Third Fast Capital loans.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

HSBC USA

  • HSBC USA does not go to any lengths to highlight their COVID policy, but it is on the landing page.
  • HSBC USA does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • HSBC USA has very little information on their website surrounding help for small businesses. They do state that "for relief help with your business banking, please contact your relationship manager or call 833.722.4722, Monday – Friday: 8am–9pm ET and Saturday: 8am — 4:30pm ET.
  • A search could not be conducted on their site as they have do not have a search function available.

PNC Bank

  • While PNC Bank does have a COVID-19 policy visible when the landing page is opened, it is small. The fact that it is located at the top of the page, helps to see it right away.
  • PNC Bank does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • PNC Bank has greatly enhanced its information available online specific to the coronavirus, adding content and contact information that address consumer customers, small business clients, corporate and institutional clients, branch and ATM availability and bank from home services.
  • Small business clients have access to a variety of programs that address loan, lines of credit, credit card and merchant services assistance. PNC also offers information relating to the Paycheck Protection Program created under the CARES Act that will serve as an extension of the SBA’s 7(a) loan program.
  • PNC Bank has small business lending products, including business lines of credit that have modification options that all come with no late fees.
  • They will offer assistance programs for customers with consumer or business loans, credit cards or mortgages.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".

Wells Fargo

  • Nothing on Wells Fargo's landing page would make anyone think they have a COVID-19 policy.
  • Wells Fargo does not have anything specific surrounding what they are offering their existing venture backed small business customers, however, there appears to be a few areas that would encompass them even though it is not explicitly stated.
  • Wells Fargo customers experiencing hardship from the coronavirus can call 800-219-9739 to speak with a trained specialist about their options. This includes customers of consumer lending, small business and deposit products. According to this March 20 release.
  • Wells Fargo asserts that they are "committed to helping small businesses get through these tough times. The Small Business Administration's Paycheck Protection Program (PPP) gives small businesses cash flow assistance to help cover operating expenses, payroll costs, and more."
  • On March 26th, SaverLife and Neighborhood Trust Financial Partners announced they partnered with the Wells Fargo Foundation to help provide one million dollars in financial aid to at risk entrepreneurs and their employees who have been financially affected by the impact of COVID-19.
  • Wells Fargo donated $6.25 million in aid to help the public relief effort. The bank also encouraged customers who are experiencing financial hardship to contact customer service for assistance.
  • A search was conducted on their site to ensure that nothing was missed pertaining to the assistance being offered for their existing venture backed small business customers during the COVID-19 crisis. In addition to several targeted searches that were conducted, we made sure we used the keyword "CARES Act".
Sources
Sources

From Part 01
From Part 02