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List Of Banks Offering Relief To Customers Affected By Coronavirus (COVID-19)
Major banks are putting their plans in place and refining them as situations change. So far, here’s how some banks are offering relief to customers affected by the coronavirus.
On March 18, Ally shared measures it will implement to offer relief to those experiencing financial hardship due to the coronavirus pandemic.
Here’s how the bank is offering assistance:
Ally is waiving all fees related to expedited checks and debit cards, overdrafts and excessive transactions on savings and money market accounts until July 16, 2020.
Auto loan payments can be deferred for up to 120 days. No late fees will be charged, but finance charges will accrue. New auto customers will have the option to defer their first payment for 90 days.
Mortgage payments for existing customers can be deferred for up to 120 days. No late fees will be charged, but interest will accrue.
Ally is strongly encouraging customers to utilize its online self-service access and the Ally mobile apps, to avoid longer call wait times. Customers can continue to transfer money and make payments online as usual. For depositing of checks of $50,000 or less, it’s faster to deposit them online via the mobile app than to submit by mail.
For more information and updates, visit Ally’s coronavirus help page.
Bank of America
Bank of America emailed information to Forbes about potential measures it is ready to take in response to the coronavirus:
“We continue monitoring the developments of coronavirus and are always prepared to support our clients facing financial hardship or loss of income due to illness. All employees who work directly with our clients are trained to identify and assist impacted clients and provide the right support to address their unique personal needs. As part of our regular practice, we offer assistance to qualifying consumer and small business clients facing hardships, including forbearance with certain fees.”
A video has been added to Bank of America’s coronavirus help page to explain the additional assistance the bank is providing to clients and small businesses.
On March 19, Bank of America announced additional support that will be provided, working on a case-by-case basis, including:
For consumer and small business deposit accounts, clients can request refunds of an overdraft, insufficient funds, and monthly maintenance fees.
Clients can request to defer payments and refunds of late fees on their small business loans.
On auto loans, personal loans, mortgages and home equity loans, clients can request a deferral of payment, with those payments added to the end of the loan. So long as clients are up to date, no negative credit bureau reporting will be made.
Clients facing financial hardships related to the coronavirus are encouraged to visit Bank of America’s coronavirus help page and contact the client services team.
In an email to customers on March 12, Capital One encouraged them to access their accounts with the bank’s digital banking tools, including online and app access.
Customers facing financial difficulties due to the coronavirus are urged to contact the bank directly through one of its many customer support lines. 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.
Capital One tells Forbes that all customers will be eligible for assistance, of which will vary on the type of product they have and their individual needs. Examples of assistance include:
Minimum payment assistance
Deferred loan assistance
For more information and updates, visit Capital One’s coronavirus help page.
Chase says it will “continue to adapt” to the changing coronavirus situation. Effective March 19, Chase temporarily closed approximately 20% of its branches to help ensure the safety of customers and employees. In addition to its nearly 4,000 branches that will remain open, Chase encourages customers to utilize the tools available on the Chase mobile app and at chase.com.
Individuals who are affected by COVID-19 and need help with their accounts are encouraged to call the number on the back of their credit or debit card, or on the back of their monthly statement. In an email to Forbes, Chase detailed what this help could potentially look like, but explains that, as of right now, it’s being addressed on a case-by-case basis.
“We are helping customers who contact us, as we always do and notably did during hurricanes and wildfires in years past. Things we’ve done for customers (and small businesses) in past crises include things like fee waivers or refunds, changing due dates, extending credit lines. Sometimes, if there’s been a government-designated area (like for a Hurricane), we will proactively waive certain fees. We’re not there yet with this, of course. We’re working with our customers on a case-by-case basis right now.”
For more information and updates, visit Chase’s coronavirus help page.
Effective March 9 for an initial 30 days, Citibank customers can contact the bank for assistance with:
Waivers on monthly service fees, for both regular and small business customers
Waived penalties for early CD withdrawal, for both regular and small business customers
Fee waivers on remote deposit capture for small business customers
Bankers available after hours and on weekends to support small business customers
Some credit card customers may be eligible for credit line increases and collection forbearance programs.
Some mortgage customers may be eligible for a hardship program through Cenlar FSB, the bank’s service provider. For assistance, call Cenlar FSB at 855-839-6253 (Mon–Fri, 8:30 a.m.–8 p.m. ET or Sat, 8:30 a.m.–5 p.m. ET).
For more information and updates, visit Citibank’s coronavirus help page.
Discover’s coronavirus help page says there is “support in place” for qualified Discover customers who experience hardship as a result of the outbreak.
Online banking customers can reach out to Discover’s 100% U.S.-based Customer Service team for help by calling 1-800-347-7000 (TTY/TDD 1-800-347-7454) at any time.
For more information and updates, visit Discover’s coronavirus help page.
Fifth Third Bank
The bank initially provided a written statement to Forbes about how it’s monitoring the situation, and actions it could put into effect. Since, the company has created a coronavirus help page, detailing similar information.
“We are focused on the safety of our employees and customers, and ensuring business continuity. This work includes ensuring that critical functions continue in the event of any disruption, with policies, people and processes aligned to provide continuous service. We are not starting from scratch on these plans. Fifth Third Bank has long had comprehensive plans and strategies in place to manage effectively through emergencies—these include hardship programs for our customers. We are well prepared, and we continue to monitor this situation from every level of our organization.”
Fifth Third adds that if circumstances require temporary closure of any of its branches, customers will be notified and informed about backup physical locations. Fifth Third accounts also can be accessed via the bank’s digital banking tools including mobile, online and voice banking services.
For more information and updates, visit Fifth Third Bank’s coronavirus help page.
Marcus by Goldman Sachs
Marcus by Goldman Sachs initially shared information with Forbes about its efforts to help customers experiencing financial hardship due to the coronavirus.
Customers with personal loans through Marcus by Goldman Sachs can postpone payments on their loans for one month with no interest, and their loan terms will be extended by one month. For customers who need access to funds currently held in certificates of deposit prior to maturity, Marcus is waiving early withdrawal penalties.
As of this time, Marcus by Goldman Sachs is operating its contact centers virtually. The temporary hours of operation are Mon–Fri, 9 a.m.–8 p.m. ET and Sat-Sun, 9 a.m.–6 p.m. ET. Customers can call 1-844-MARCUS-6 (1-844-627-2876) and may expect to experience unusually long hold times.
For more information and updates, visit Marcus by Goldman Sachs’ coronavirus help page.
PNC’s website says it will be helping customers “navigate potential financial hardships” because of the coronavirus. In an email to Forbes, the bank encourages customers encountering hardship to reach out to the bank directly; assistance will be addressed on a case-by-case basis. Customers affected by the virus who are encountering hardship can call 1-888-762-2265 (Mon-Fri 7 a.m.–10 p.m. ET or Sat-Sun 8 a.m.–5 p.m. ET) to discuss options.
PNC adds that the bank will continue to monitor the coronavirus situation “to determine potential extension or expansion of available assistance,” and customers will be notified of any developments as they arise.
Effective March 20, PNC has made temporary adjustments that include operating primarily via drive-up only (except branches that do have drive-up), and PNC estimates that three-quarters of its branch network will remain open. Open branches are operating on reduced hours, offering designated days for “essential appointments,” such as safe deposit box access, loan closings or other in-person services.
For more information and updates, visit PNC’s coronavirus help page.
Truist (formerly BB&T and SunTrust banks) says it’s committed to working with clients “to reduce financial stress during this challenging and uncertain time.” The bank is also encouraging individuals to use its digital and mobile banking options.
Effective March 21, most branches will remain open with “modified service” including ATMs, drive-through, and consultations in the branch by appointment.
Customers experiencing financial hardship due to the coronavirus will be provided payment relief on consumer loans, personal credit cards, business credit cards, and business loans. The bank is also temporarily waiving ATM surcharge fees to help consumers and businesses access to cash. Customers who use their BB&T and SunTrust credit cards for qualifying purchases at grocery stores and pharmacies will receive 5% cashback through April 15.
Customers in need of assistance can reach out to the following numbers:
Heritage SunTrust clients: 800-SUNTRUST (800-786-8787)
Heritage BB&T clients: 800-226-5228
For more information and updates, visit Truist’s coronavirus help page.
U.S. Bank is encouraging customers to utilize its digital banking features, including its mobile app, online banking or banking by phone.
On its coronavirus help page, U.S. Bank says it is “actively looking for ways to assist our customers that have been financially impacted by COVID-19” and suggests several products that may be of help. Customers who need additional support are invited to call 888-287-7817.
Effective March 19, U.S. Bank has temporarily reduced its hours of operation in all branches and is encouraging the use of drive-up services rather than lobby services.
For more information and updates, visit U.S. Bank’s coronavirus help page.
Wells Fargo customers experiencing hardship from the coronavirus disease can call 1-800-219-9739 to speak with a trained specialist about their options. This includes customers of consumer lending, small business, and deposit products. Details on what type of assistance might be available have not been released but are likely determined on a case-by-case basis.
Effective March 20, Wells Fargo is temporarily closing some branches and adjusting operating hours of branches. Customers are encouraged to utilize drive-up, rather than lobby, services when possible.
Wells Fargo also has suspended residential property foreclosure sales, evictions, and involuntary auto repossessions.
For more information and updates, visit Wells Fargo’s coronavirus help page.
U.S. CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC)
The CDC recently launched Coronovirus.gov with extensive information for all U.S. residents, not just including business owners. The CDC has issued coronavirus guidelines for businesses and is updating them as new developments occur.
Keep your workplace safe:
At work, remind employees to practice basic hygiene, as they would during cold and flu season.
Provide plenty of tissues and hand sanitizer throughout the office.
Keep bathroom soap and towel dispensers full and encourage regular handwashing for at least 20 seconds each time.
Clean surfaces regularly and provide disposable disinfectant wipes so employees can wipe down shared surfaces, such as keyboards, cash registers or desks, before using them.
Provide disposable gloves for employees who use shared tools or touch the same surfaces, such as warehouse workers or shipping clerks.
Because close contact allows viruses to spread, consider rearranging workspaces to keep workers at least 6 feet apart.
If possible, have employees work remotely.
If using their own computers, ensure employees use your company’s virtual private network (VPN) to access data, encrypt emails, install antivirus software and activate firewalls.
Check your coverage:
Business interruption coverage covers income lost when you shutter your business due to disaster. However, it typically doesn’t pay out unless there is physical damage to the business. Talk to your insurance agent to see what, if any, coverage you would have if coronavirus forces temporary closure.
Communication is key to preventing panic.
Make sure employees clearly understand the reasons for any policies you implement.
Direct them to reputable sources of information to stay abreast of the situation.
Use the Crisis Communications Planning Checklist to develop a communications plan.
The CDC urges businesses to prepare for worst-case scenarios regarding coronavirus. Here's what to do.
SMALL BUSINESS ADMINISTRATION
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury because of the Coronavirus. This includes both for profit and non-profit organizations. To apply online, please visit the SBA website at www.sba.gov.
For more information about up-to-date SBA disaster related efforts, please visit:
SBA Webinars this week, Monday-Friday
Listen to one of the informational webinars below for updates and request a SCORE mentor to help you with the applications.
You can find these links at houston.score.org, click on Workshops.
Coronavirus Aid, Relief, and Economic Security (CARES) Act. It’s an estimated $2 trillion package, that allots $10 Billion for EIDLs and $350 billion for Paycheck Protection Loans (more on those below) to help small businesses
The EIDLs expanded provisions include:
EIDLS can be approved by the SBA based solely on an applicant’s credit score (not repayment ability and no tax return is required). Mr. Contreras specified that a prior bankruptcy doesn’t disqualify you.
EIDLS smaller than $200,000 can be approved without a personal guarantee. They are also not requiring real estate as collateral and will take a general security interest in business property.
Borrowers can receive $10,000 in an emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue loss.
It expands access to sole proprietors or independent contractors, as well as tribal businesses, cooperatives, and ESOPs with fewer than 500 employees and all non-profits including 501(c)(6)s.
There are no loan fees, guarantee fees or prepayment fees.
You have to have been in business by January 31, 2020 to qualify, so you can’t start a business now and receive this kind of grant. The SBA also offers other information and programming at www.sba.gov/coronavirus.
The CARES Act’s Paycheck Protection Program Loan Guarantee offers another source of help. Under this program, the SBA backs small-business loans through local lenders.
Here are the particulars of this loan program:
Offered to small businesses with fewer than 500 employees, select types of business with fewer than 1,500 employees, 501(c)(3) non-profits with fewer than 500 workers and some 501(C)(19) veteran organization (have to be in operation before February 15, 2020)
Self-employed, sole proprietors, freelance and gig economy workers are also eligible to apply (again, you have to be in operation before February 15, 2020).
Loans are given up to a maximum of the lesser of $10 million, or 2.5 times the average monthly payroll costs – including wages for employees making under $100,000, as well as expenses for paid sick leave, healthcare and other benefits - during the 1-year period before the date on which the loan was made.
The maximum interest rate under this program is 1%
The loan term is 2 years
No personal guarantee or collateral is required for the loan
Payments are deferred for six months
Part of this loan may be forgiven and not counted as income to you, if it’s spent during the first eight weeks on operating expenses.
You can apply for the Paycheck Protection Loan directly through your local lending institution. As a business owner, you must personally certify that your company qualifies as a small business (you can check the North American Industry Classification System (NAICS) small business standards here).
Checking the status of your EIDL application:
Call (800) 659-2955 or write to firstname.lastname@example.org and write your application number in the subject line.
U.S. CHAMBER OF COMMERCE
Coronavirus Small Business Survival Guide:
The coronavirus is causing financial difficulties for businesses across the U.S. Here is a complete listing of all of our coronavirus resources for small businesses.
YELP’S $25 MILLION RELIEF PACKAGE
Yelp announced a $25 million in relief, primarily focused on supporting independent, local restaurant and nightlife businesses, in the form of waived advertising fees and free advertising, products, and services during this period.
YELP AND GOFUNDME PARTNERED
Yelp and GoFundMe partnered to help many independent businesses start fundraisers and accept donations through their Yelp pages, with $1 million pledged in matching funds.
BETTER BUSINESS BUREAU
BBB tips on COVID-19 (coronavirus) Better Business Bureau reminds everyone to remain vigilant to avoid scams related to the virus, use necessary, common sense precautions when traveling, and find reliable sources to stay informed about what to do as the virus spreads.
NAV’S SMALL BUSINESS GRANT
$10,000 to take your business to the next level. Submit entries between February 24th and May 30th for your chance to win! Sign-up here!
LAUNCH WITH GS
Be a part of our first Entrepreneur Cohort – a select group of Black and Latinx startup founders & CEOs in the US who are building fast-growing companies at the forefront of innovation and technology. Apply today, applications close April 17th.
GRANTS FOR SMALL BUSINESS EFFECTED
SHEAMOISTURE RELIEF FUND
SheaMoisture Announces $1 Million Relief Fund For Business Owners Of Color Impacted By COVID-19. Click here for more information.
TRUFUND SMALL BUSINESS RESILIENCY PROGRAM
KIVA LOAN PROGRAM
Fund your dream, change your life with a 0% interest loan for U.S. entrepreneurs up to $15,000. Apply here.
FORBES LIST OF SMALL BUSINESS RELIEF PROGRAM RESOURCES
FACEBOOK FOR BUSINESS
Facebook has created a Business Resource Hub to help
Manage through and building resilience during the coronavirus (COVID-19) outbreak.
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits to help during this challenging time.
GOOGLE FOR BUSINESS
Google’s response to COVID-19 includes a new $800+ million commitment to support small businesses, health organizations and nonprofits, and healthcare workers on the frontlines of the pandemic. Learn more here.
CHASE FOR BUSINESS
Chase wants to help you get the Small Business Administration (SBA) Paycheck Protection Program emergency funds you may need to continue paying your employees and supporting your business.
Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped.
Make no mistake – we will help you, our customer, with getting access to these emergency funds. And we will make it as easy as possible for you to get these funds quickly. We hope to have the guidance we need from the government soon so that we can begin assisting you.
Here's how to find out when the program is available:
We will announce when we can start accepting applications in several ways:
1.We will send an email to all customers for whom we have an email.
2.We will tweet at @ChaseforBusiness and @Chase.
3.We will update our website chase.com/cares in real time.
Please do NOT go to a branch for this, as they will not be able to assist you. All applications must be made online through this digital form.
We encourage you to be prepared so that you have what you need when we open our website for applications.
Have the following information:
•A Chase Business Online user ID and password – you'll need this to apply. If you don't have an active profile, click here to set up or update your online credentials.
•The date you started your business
•Detailed information to calculate the average monthly payroll costs.
•Your annual revenue
•Your business mailing address
Please know that Chase is doing everything we can to help you apply for this program. We will keep you updated on chase.com/cares.
For business owners requesting one-on-one counseling on the SBA CARES Act regarding EDIL or PPP Loans, please click below to schedule consultation with one our Mastermind Counseling.
The WBEA-WBC MasterMind Counselors are available Tuesday - Friday year-round (excluding holidays) to meet with clients regarding business development.
FOOD AND DRUG ADMINISTRATION CORONAVIRUS (COVID-19) UPDATE
The Southern Smoke Foundation is currently accepting applications from restaurant owners and service industry workers who are dealing with closed businesses or significant declines in revenue. Donations are greatly appreciated as 90 percent of all donations go directly to the Emergency Relief Fund.
For more information about the Southern Smoke Foundation, please visit
The Restaurant Workers' Community Foundation have put together a really great list of resources.
The foodservice industry follows strict local public health guidelines. To meet these guidelines, restaurants have safety protocols and best practices in place, including guidance from ServSafe. Owners and operators should contact their state and local health departments for the latest advisories/information about coronavirus in their community. The Association also has a fact sheet in English and Spanish with information specific to the industry.
TX RESTAURANT RELIEF FUND
The COVID-19 pandemic crisis has brought upon the restaurant industry a challenge of catastrophic magnitude. The Texas Restaurant Association has been fighting daily to support the evolving needs of the more than 50,000 restaurants throughout the State of Texas and the 1.4 million workers they employ. Click here for more information.
RESTAURANT WORKERS RELIEF PROGRAM
Restaurant workers need your help more than ever. It is vital that we offer relief to those in need, so after this crisis restaurants can return to their full vibrancy. Click here for more information.
U.S Department of Labor has announced new guidance outlining flexibilities that states have in administering their unemployment insurance programs to assist those affected by the current outbreak of COVID-19.
The new guidelines mean that artists and performers affected by the outbreak may be eligible for what’s called Disaster Unemployment Assitance (DUA), which provides unemployment benefits for individuals as a direct result of COVID-19.
Find Your Local Food Bank through Feeding America
Dial 2-1-1 for assistance. Local resources available 24 hours a day, 7 days a week. They have also set up a COVID-19 Relief Fund to help with bills, rent, and food. For more information or to donate, please visit: the United Way webpage.
if you have questions about federal unemployment.
Please visit the link to complete the 2020 Census.
Coronavirus Tax Relief. The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available.
Collaboratory for Aging Resources and Education (CARE)- Dial 346-704-4233 to receive senior aid or for any senior caretakers.
Questions about student loan relief in recent legislation? This resource from The Institute for College Access and Success answers what loans are covered or not, what actions you need to take, etc.
CELL PHONE BILLS
How To Pay Someone Else’s Credit Card Debt
Courtesy of creditcards.com
Managing Your Finances During the Coronavirus Outbreak
Courtesy of Lendedu.com
EDUCATIONAL RESOURCES FOR STUDENTS AND PARENTS
ALL GRADE LEVELS
VIRTUAL FIELD TRIPS
CONTINUING EDUCATION FOR PARENTS
If you are in need of an electronic device for your school age children, Comp-U-Dopt has a weekly lottery every week. Please visit the link below to register.