Fifth Third Encourages Small Businesses to Apply for New Round of Paycheck Protection Program

Rhea-AI Summary

Fifth Third Bank announces its support for small businesses by facilitating loans under the new Paycheck Protection Program (PPP), part of the latest stimulus package signed on December 27. The $284 billion program aims to assist eligible small businesses, with loan forgiveness possible for those expenses classified as forgivable, including payroll. In the previous year, Fifth Third supported 40,000 businesses with over $5.4 billion in PPP loans, preserving approximately 600,000 jobs. The bank will streamline the application process for both existing and new customers and will provide assistance for cashing Economic Impact Payments without fees.

Positive

• Facilitating access to $284 billion in PPP loans to eligible small businesses.
• Past success in funding over $5.4 billion in PPP loans, preserving 600,000 jobs.
• No fee for cashing Economic Impact Payments for non-customers.

Negative

• None.

Fifth Third Bank, National Association, today announced that it will help business owners apply for loans through the latest round of the Paycheck Protection Program (PPP), as part of the new stimulus package that was signed into law on Dec. 27. The new PPP program will offer $284 billion in loans to eligible small businesses across the U.S. As with the initial PPP round, the loans may be forgiven if the funds are spent on “forgivable expenses,” such as employee payroll.

“At Fifth Third Bank, putting our customers’ needs first is a responsibility we take very seriously,” said Greg D. Carmichael, Fifth Third Bank chairman and CEO. “We stand with our customers to help business owners get back on their feet. We will continue to be here for them as a caring and trusted source of information and financial advice.”

Last year, Fifth Third funded loans under the Small Business Administration’s Paycheck Protection Program totaling more than $5.4 billion to more than 40,000 business customers. These loans helped to support 600,000 jobs, with 95 percent of those jobs being at companies with 50 employees or fewer.

“We are proud to be able to help so many small businesses throughout our communities,” Carmichael said. “We will continue to work with and support small business owners to preserve as many jobs as possible and maintain livelihoods in the communities we serve.”

With the publication of guidance from the Small Business Administration for this new round of PPP, Fifth Third will proactively alert its customers to leverage the program it implemented last spring to process PPP loan applications for the new round of funding. For those who are not a Fifth Third customer but interested in becoming one, please visit a financial center to open an account prior to applying for a PPP loan.

In addition, the stimulus package provides for an Economic Impact Payment of up to $600 per individual that the IRS will distribute directly to those eligible based on their 2019 tax filing. Fifth Third will not charge a fee to cash these stimulus checks for people who do not have an account with Fifth Third. Customers who do not have a Fifth Third account filed with the IRS may receive a paper check in the coming weeks and can deposit it via a Fifth Third ATM or the mobile app.

Fifth Third recommends that customers continue to leverage all of the digital banking tools and resources for self-service banking and account access through mobile, online and voice banking services, as well as the Bank’s network of approximately 52,000 fee-free ATMs across the United States.

Fifth Third is prepared to assist customers with their questions or concerns and has a dedicated support page available at 53.com as the first point of contact for all customers.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210108005354/en/

FAQ

What is the Paycheck Protection Program announced by Fifth Third Bank?

The Paycheck Protection Program (PPP) allows eligible small businesses to apply for loans, which can be forgiven if used for forgivable expenses like payroll.

How much did Fifth Third Bank fund under the PPP in the past year?

Fifth Third Bank funded over $5.4 billion in PPP loans to more than 40,000 business customers.

What assistance does Fifth Third Bank offer for Economic Impact Payments?

Fifth Third Bank will not charge a fee to cash Economic Impact Payments for individuals without an account at the bank.

What is the deadline to apply for loans under the new PPP?

The press release does not specify a deadline; applicants are encouraged to apply as soon as possible.

How can new customers apply for a PPP loan at Fifth Third Bank?

New customers must open an account at a Fifth Third financial center before applying for a PPP loan.