Coronavirus (COVID-19) Information for Consumers - Michigan's Banks Are Here to Help
As the novel coronavirus disease (COVID-19) continues to impact communities across the country and the broader economy, Michigan’s banks are making the health and well-being of their employees, customers and the communities they serve their top priority. Banks of all sizes are also taking steps to respond to the needs of individual and business customers directly affected, while continuing to execute their own business continuity plans under challenging conditions.
Bank actions to assist customers vary by institution and depend on a customer’s individual circumstances. They include but are not limited to fee waivers; deferred payments for credit cards, auto loans and mortgages; loan modifications; low-rate and zero-rate loans and other accommodations. As more Americans are working from home, banks are also instructing customers on how to utilize mobile and digital banking platforms. Through these efforts and others, banks look to provide critical support to the Michigan and U.S. economy.
This page contains a range of resources to assist consumers as they respond to the 2019 novel Coronavirus. The Michigan Bankers Association (MBA) would like to notify consumers that banks will remain open at this time during the Coronavirus (COVID-19) Pandemic. The MBA is closely monitoring this developing situation, noting that banks have contingency plans in place designed to address potential impacts of the Coronavirus.
COVID-19 Resources for Small Businesses
- Paycheck Protection Program. The Paycheck Protection Program authorizes $349 billion toward job retention and certain other expenses. Small businesses, eligible nonprofits, veterans organizations, tribal businesses, as well as self-employed individuals and independent contractors are eligible if they also meet program size standards. For answers to frequently asked questions about the program and information on how to apply, please refer to the U.S. Senate Committee on Small Business & Entrepreneurship’s Paycheck Protection Program FAQs for Small Businesses.
- SBA’S Economic Injury Disaster Loans and Loan Advance. Small business owners in all U.S. states, Washington D.C., and U.S. territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The disaster loan program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing.
- SBA Express Bridge Loans The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These can be term loans or bridge loans to cover the gap while applying for a direct SBA Economic Injury Disaster loan. Small businesses may find an Express Bridge Loan Lender by connecting with their local SBA District Offices.
- Government Contracting If a situation occurs that will prevent small businesses from successfully performing their contract, they should reach out to their contracting officer and seek to obtain extensions before they receive cure notices or threats of termination. The SBA’s Procurement Center Representatives can assist affected small businesses to engage with their contracting officer.
- Exporting Assistance. SBA provides export loans to help small businesses achieve sales through exports and can help these businesses respond to opportunities and challenges associated with trade, such as COVID-19. The loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products.
- Local Assistance SBA works with a number of local partners to counsel, mentor, and train small businesses. When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you.
Click here for IRS Resources
Information for use by bank customers:
The FDIC has published articles that may be helpful:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US Government. The FDIC protect depositors of insured banks located in the United State against the loss of their deposits. FDIC insurance is backed by the full faith and credit of the United Stated government. Since the FDIC began operation in 1934, no depositor has ever lost a penny of FDIC-insured deposits.
Centers for Disease Control and Prevention
About Coronavirus Disease 2019 (COVID-19)
Coronavirus Disease 2019 (COVID-19) Situation Summary
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
Business Pandemic Influenza Planning Checklist
Communication ResourcesSign up for weekly CDC emails about COVID-19
We encourage the public to leverage all available tools and resources for self-service banking and 24/7 account access through mobile, online and voice banking services. Through these channels, customers can check balances, transfer funds, deposit checks or find the nearest ATM.