Santander COVID-19
Business Resource Center

The Latest CARES Act and PPP Updates
How to Apply for PPP Loan Forgiveness
Managing Your Business from Anywhere, Any time
Helpful Tools, Tips, and Resources
Customer and Community Support

Supporting our customers and communities.

We’ve been working diligently to help you through this challenging time. And, we’re far from finished.
 

What we’ve accomplished for business customers:

What we’ve accomplished for our Community:

$7.5 million in grants were expedited to fund 80 community-based organizations that provide direct COVID-19 relief, valuable essential services, and critical small business aid.


What we’re offering to our customers:

We are offering existing loan customers interest-only accommodations aned deferrals, and extensions up to 90 days may be available.

We are working with our business customers on loan terms, and offering payment accommodations to customers who are facing hardships.

We developed hardship programs for small businesses to suspend loan payments and cease collection calls to impacted customers.

CARES Act | PPP Updates

On March 30, the President signed into law new legislation extending the Paycheck Protection Program (PPP). Santander will accept Expressions of Interest through April 30th and applications through May 10th.

Santander customers who did not receive a PPP loan from us – what you need to know
If you are interested in applying for a PPP loan, you must complete our PPP ‘Expression of Interest’ form so we can send you information on the program and an application to apply when it is available. See instructions below. When our application is ready, we will send you an email from ppploanapplication@santander.us inviting you to submit our official application through DocuSign. 

Santander customers who received a PPP loan from us – what you need to know

If you received your first PPP loan from Santander, you will not need to submit an Expression of Interest form. We will continue to provide you with email updates including information on how you can apply.

2021 First Draw loan recipients

We will send you an invitation to apply when at least 8 weeks have passed since receiving your First Draw PPP loan. When applying for a Second Draw loan consider the following:

  • First Draw funds must be spent, in full, on eligible expenses before receiving a Second Draw.
  • Your First Draw & Second Draw 'Covered Periods' will not overlap
  • You may not receive a Second Draw PPP Loan before the end of your First Draw 'Covered Period.'
  • Your Covered Period starts the day you receive funds, and ends on a date selected by you, that is 8 – 24 weeks later. You will provide your chosen Covered Period on your Forgiveness Application.


The SBA aims to issue updated forms and guidance on these additional changes in the first week of March. Once this guidance is issued, we will be able to implement these changes. If you might benefit from these changes and have not yet to applied for a PPP loan, you may choose to wait until the SBA provides guidance and our loan application is updated.

 

Santander’s Application and Process

How to apply for a PPP loan with Santander

  • If you are interested in applying for a First or Second Draw PPP loan complete our Expression of Interest form. Our PPP Expression of Interest form is now available through Business Online Banking and Santander Link, our online banking services.

  • Ensure you are enrolled and able to log into Business Online Banking or Santander Link. Please note, in order to access and enroll in Business Online Banking, you must have a Santander business checking account.

  • If you are already enrolled in Business Online Banking and unable to login, use 'Forgot Password' to reset your password or 'Retrieve Organization ID / User ID' links to help remember your login details.

  • If you have never enrolled in Business Online Banking, please call Customer Service at 877-768-1145, Monday to Saturday 8:00 am to 8:00 pm ET, and Sunday 9:00 am to 5:30 pm ET.

  • Please note that our call center is experiencing extremely high call volumes as it seeks to support customers through the PPP process.

 

What You Need to Know

  • We will send you an email from ppploanapplication@santander.us with an invitation to apply for a first or second PPP loan. You will receive your application within 24 hours from when you click "Apply Now".

  • When the email arrives, follow the instructions provided to prepare and submit your PPP loan application.

  • Following your application submission, check regularly for emails from ppploanapplication@santander.us. We will contact you with questions about your loan application. Issues will need to be resolved prior to submission to SBA, so it is imperative you respond quickly. Once our review is complete, we will submit your loan application to the SBA.

  • The SBA will be conducting its own due diligence on your application following our submission and will then approve or decline your loan.  If the SBA approves your loan, you will then receive loan closing documents that you will need to sign and return. Following receipt of your signed loan closing documents, we will fund your loan directly into your Santander deposit account. 

 

How to prepare to submit your application

To help you get ready and assist you with submitting a complete and accurate loan application, Santander has compiled important information including:

How to Calculate Your Loan Amount and Required Documentation Guide.

Important documents and information Checklist

How to calculate your businesses' revenue reduction of 25% or greater (a requirement for a Second Draw PPP loan)

The Santander Paycheck Protection Loan Application Guide

This information is critical for you to understand what will be required for application submission. Complete and accurate submissions will help to expedite the review process and minimize issues that need to be resolved prior securing your PPP Loan guaranty. If you do not submit the required documentation, we cannot submit your loan application to the SBA.

Self-service money management solutions.

Flexible banking options to keep your business running.

Santander has the solutions to help you manage your finances right from your place of business, whether you’re
working in the offce or from home. Managing your business any time from anywhere is easier with our digital and
automated options:

  • Business Mobile Banking App
  • Business Online Banking Platform
  • Automated Telephone Banking
  • ATM Network

You can also minimize the need to visit a branch or exchange cash when you take advantage of our remote cash
management services.

Helpful Tools, Tips, and Resources.

Santander provides you with helpful links to partner and government resources that connect you to the tools you need to support you during these challenging times, including our Business First Coronavirus Resource Page, your source for practical tips, success stories, and ideas to help run your business.

Applying for PPP Loan Forgiveness.

 

Loan Forgiveness Update

We will begin accepting PPP Loan Forgiveness Applications on Tuesday, March 23rd for Paycheck Protection Program (PPP) loans that were funded in 2021.

Forgiveness is not automatic; you must apply. You can accumulate the forgivable expenses during the “Covered Period” – which lasts between 8 to 24 weeks (your choice) after the loan is funded. We encourage you to apply for forgiveness as soon as you have exited your chosen Covered Period and collected the required documentation. You will owe monthly payments on your PPP loan unless you apply for forgiveness within approximately 16 months after the PPP loan was funded.

 

When you can expect to submit your application for forgiveness

  • We will send you an initial “Invitation to Apply” email for PPP forgiveness once you have passed eight weeks from loan funding. These will begin on Tuesday, March 23rd. We will send you reminders to apply for forgiveness on the 2nd and 4th Monday of each month thereafter.
  • Within the Invitation to Apply email will be a “Click to Apply” link; click that link and we will send you a personalized DocuSign forgiveness application.
  • The Invitation to Apply will be sent from pppforgiveness@santander.us Please be sure that these emails are not sent to your email Junk/SPAM folder.
  • Please note, we will only accept Santander Bank PPP loan forgiveness applications through the DocuSign process and will not accept the SBA’s paper version of the loan forgiveness application.

 

The forgiveness process for PPP loans up to $150,000 is simple and easy to complete

  • You can use the new, simplified SBA Form 3508S. We expect that it will take less than 15 minutes to complete the form.
  • On SBA Form 3508S, you will be required to provide the amount spent on payroll costs, the requested forgiveness amount, and to certify that you have complied with all requirements of the Paycheck Protection Program.
  • While documentation supporting your use of PPP funds is not required to be submitted with your forgiveness application, you must retain all records necessary to prove compliance (4 years for employment records; 3 years for all other records).

 

Begin to prepare for your PPP loan forgiveness process

 

Other items to be aware of

  • You must apply for forgiveness on a First Draw loan, before we will send an “Invitation to Apply” for forgiveness on a Second Draw loan for the same borrower.
  • If you are applying for forgiveness on a Second Draw PPP loan and did not provide documentation supporting a 25% or greater revenue reduction, you must supply this documentation when you apply for forgiveness.

 

PPP resources available to you

We also encourage you to visit the SBA website, where you will find the latest information about PPP.

Business First Resources tips and tools.

Here are some of our latest articles:

 

Preparing to Apply – First Draw PPP Loan Customers
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What eligibility requirements are specific to First Draw PPP Loan customers?

Generally, you are eligible for your first PPP loan (First Draw PPP Loan) if you:

  • Have fewer than 500 employees
  • Were in operation as of February 15, 2020.
  • For complete eligibility criteria, visit the SBA site.

Maximum loan amount for a First Draw Loan?

The maximum loan amount for a First Draw PPP loan is the lesser of $10 million or 2.5 times your average monthly payroll. Additionally, businesses are not required to demonstrate a revenue reduction.

How do I calculate my loan amount?

  • How to Calculate Your Loan Amount and Required Documentation Guide.
  • To calculate annual payroll costs, businesses may use either the Calendar Year 2019 or 2020. If not a self-employed individual, sole proprietorship, or an independent contractor, you may choose to use the preceding 12-month period calculate payroll costs.

  • Independent contractors have the ability to apply for a PPP loan on their own, so they do not count for purposes of a borrower’s PPP loan calculation.

What documents are required to be submitted with my loan application?

Preparing to Apply – Second Draw PPP Loan Customers
+

Eligibility requirements are specific to Second Draw PPP Loan Customers

Generally, you are eligible for a second PPP loan (Second Draw PPP Loan) if you:

  • Have 300 or fewer employees.
  • Experienced a reduction of 25% or greater in gross receipts between comparable quarters in 2019 and 2020.
  • Previously received a First Draw PPP Loan and have used (or will use) the full amount for permissible expenses.
  • For complete eligibility criteria, visit the SBA site.
  • Your First Draw PPP loan does not need to be forgiven before you can apply for your Second Draw loan.

How do I demonstrate a 25% revenue reduction?

View information on the 25% Revenue Reduction Requirement for Second Draw loans.

Maximum loan amount for a Second Draw Loan

  • The maximum loan amount for a Second Draw PPP loan is 2.5 times your average monthly 2019 or 2020 payroll. Borrowers in the Accommodation and Food Services industry (NAICS Code beginning with 72) may receive up to 3.5 times your average monthly payroll. All Second Draw PPP loans are capped at $2 million.
  • Accommodation and Food Services businesses  interested in a second draw loan should ensure they have reported to the IRS as a NAICS 72 business on their tax documents in order to obtain a loan amount of 3.5 times your average monthly payroll.

How do I calculate my loan amount?

  • How to Calculate Your Loan Amount and Required Documentation Guide.
  • To calculate annual payroll costs, businesses may use either the Calendar Year 2019 or 2020. If not a self-employed individual, sole proprietorship, or an independent contractor, you may choose to use the preceding 12-month period to calculate payroll costs.

  • Independent contractors have the ability to apply for a PPP loan on their own, so they do not count for purposes of a borrower’s PPP loan calculation.

What documents are required to be submitted with your loan application?

 

Santander Eligibility Criteria and Important Information 

  • The PPP loan applicant must have an existing lending, deposit, or grant relationship with Santander Bank as of October 2, 2020.*

  • A Santander deposit account in the name of the PPP loan applicant is needed for funding purposes.** The applicant’s deposit account number must be provided on the application.

  • Agents*** are not permitted to be used by the PPP applicant in connection with Santander's PPP loan application process.

  • Applications must be submitted through our DocuSign process.  Manual applications will not be accepted, and we will not accept applications at any of our branch locations.

 

Other Important Information

  • Incomplete or missing information will delay the processing of your application

  • If you are a franchise, be sure to have your SBA Franchise Identifier Code ready.

  • PPP funds are limited and subject to availability by the SBA.

  • Eligibility requirements and PPP rules and guidance may be revised, amended or supplemented from time to time by SBA and federal law. The review and approval of your application is subject to any such revisions, amendments or supplements.

  • Applicants may be required to submit additional information or documentation not specifically in the application and guides.

  • We encourage you to visit the SBA site where you will find the latest information about PPP and other SBA lenders who may be able to assist you.


Debt Relief Payments for Your SBA Loan

Your U.S. Small Business Administration (SBA) loan may be eligible for debt relief assistance under Section 1112 Debt Relief Program of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). Please click below for more information.

SBA loans may be eligible for debt relief assistance under Section 1112 Debt Relief Program of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act).

For borrowers with eligible SBA business loans1, monthly loan payments will be paid by the SBA to the lender. Eligible SBA loans include SBA 7(a), 504 and Microloan Programs. SBA 7(a) loans include Standard 7(a), SBA Express, 7(a) Small Loan, Export Express, Export Working Capital, International Trade Loans, Veterans Advantage, and CAPLines. This assistance is not available to loans made under the Paycheck Protection Program.

Debt relief assistance for 7(a) loans for Santander customers will be administered by the bank, while 504 and Microloans2 are administered by the Certified Development Company 504 lender or Microlender that originated the loan.

For Santander SBA 7(a) Loan Customers:

Santander will review our customer’s SBA 7(a) loans to determine eligibility for debt relief assistance. If it is determined a customer’s 7(a) loan is eligible, Santander will request to the SBA to make monthly loan payments (including the principal, interest and certain associated fees) directly to Santander on the customer’s behalf for a certain number of months3. Please note that the number of months for which an SBA borrower may receive this assistance is subject to adjustment based on the availability of funds provided by Congress.

Santander customers with 7(a) loans eligible for monthly payments do not need to take any action to have the SBA make payments on their behalf. For eligible Santander SBA 7(a) customers scheduled for autopayment, the bank will remove their autopay service beginning on February 1st. SBA is scheduled to make payments on their behalf on or about the 15th of each month and the payment will be applied to their loan shortly thereafter. SBA borrowers with loan payments more than $9,000 per month will be responsible for paying any amount over $9,000 and the bank will contact these 7(a) borrowers with additional information on how to remit these payments.

Eligibility Criteria and the Amount of Monthly Payments:

IMPORTANT CHANGES: SBA determined that there was insufficient funding to make the payments for the periods originally authorized by Section 1112(c)(1) of the CARES Act, as amended by Section 325 of the Economic Aid Act. As such, SBA developed a plan to proportionally reduce the number of months provided for each category of loans. Details on the adjustment of the payments can be found in SBA Procedural Notice 5000-20095. Details below were modified to reflect these adjustments.

  1. SBA Loans Approved, but not yet Disbursed, on or Before September 27, 2020: The SBA will make monthly payments for loans approved on or before September 27, 2020 but were not yet disbursed as of September 27, 2020. These loans were not previously eligible for payment under Section 1112 of the CARES Act, but the SBA will now make these payments for a 3 Month Period (instead of a 6-month period). (Note that, for loans that were approved and fully disbursed on or before September 27, 2020, SBA will continue to make the Section 1112 payments for a 6-month period, as authorized under the original CARES Act.)

    Monthly payments will begin in February or after full disbursement of the loan if that has not yet occurred (or beginning with the next payment due after any deferment period granted your loan).
     
  2. Loans Approved Before March 27, 2020: The SBA will make monthly payments for an additional 2-month period (instead of a 3 month period) beginning with the next payment due on or after February 1, 2021 (or beginning with the next payment due after any deferment period granted your loan).

    NOTE: If a business is assigned a North American Industry Classification System code (NAICS) beginning with 61, 71, 72, 213, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812 (seewww.naics.comfor listing of codes), the SBA will make regular monthly loan payments for an additional 3-month period (instead of an additional 5-month period) immediately following the end of the 2-month period, for a total of 5 months.
     
  3. No single monthly payment that the SBA makes for these loans will exceed $9,000.
     
  4. No Second Round 1112 Payments for Loans Approved Between March 27, 2020 and September 27, 2020.
    A loan that was approved during the period beginning on March 27, 2020 and ending on September 27, 2020 is eligible for the first round of Section 1112 payments either for a 6-month period if the loan was fully disbursed on or before September 27, 2020 or for a 3-month period if the loan was fully disbursed after September 27, 2020. Under the Adjustment Plan, no other Section 1112 payments will be made for these loans.
     
  5. SBA Loans Approved Beginning on February 1, 2021 and Ending On September 30, 2021: Subject to availability of funds, the SBA will make borrower monthly payments for a 3-month period (instead of a 6-month period) beginning with the first payment due on the new loan after full disbursement. No single monthly payment that the SBA makes for these loans will exceed $9,000. Businesses are not eligible for this assistance on this new loan if the business has received (or will receive) debt relief on any other 7(a) loan, 504 loan, or Microloan that was approved on or after March 27, 2020 and ending on September 27, 2020.
     

SBA Loans On Deferral:

If the SBA borrower’s loan is currently on deferral, SBA payments will not begin until the deferral period ends. However, a borrower may take their loan off deferral to begin receiving the SBA payments. If you wish to take your loan off deferral, speak with your Santander banker or call Customer Service at 877-768-1145, Monday to Saturday 8:00 am to 8:00 pm ET, and Sunday 9:00 am to 5:30 pm ET for assistance.

Please visit the SBA website to learn more about this debit relief assistance program. You can also speak with your Santander banker or call Customer Service for assistance.

1Loans must be fully disbursed and in a regular servicing status and not defaulted and moved into a liquidation status. Loans approved between September 28, 2020 and January 31, 2021, and those in liquidation status are not eligible for SBA payments.

2Certified Development Companies will facilitate payments for SBA 504 loans. Santander Bank does not participate in SBA Microloans, since these are administered directly by an SBA Micro-Lender. Santander is referencing 504 and Microloan loans for informational purposes only.

3The Economic Aid Act limits payments on certain SBA eligible loans to a maximum amount of $9,000 per month.

PPP Forgiveness Tips

Planning for Business Delays and Disruptions Due to Coronavirus (COVID-19)

Learn How the SBA Can Support Your Small Business Right Now

How Santander is helping the communities we serve.

Santander US is committed to supporting our communities impacted by the COVID-19 pandemic. In addition to our ongoing support for our non-profit partners providing essential services in our communities, including $15 million in charitable giving this year, Santander will provide $25 million in financing to Community Development Financial Institutions (CDFIs) to fund small business loans across Santander Bank’s footprint. We also will expedite grant funding and payments where possible to help sustain non-profit operations during this challenging time.
 

If you haven’t signed up for our Business Mobile and Business Online Banking options, you’ll find more details here:

 

Business Mobile Banking App

Learn more

Business Online Banking

Learn more

Manage payments and receivables remotely with:

5 Tips for Staying Productive and Mentally Healthy While You’re Working From Home

Santander Check Deposit Link

To eliminate time consuming trips to the bank, simply and securely scan checks for electronic deposit from anywhere at any time.

Coronavirus Forces Small Businesses to Rethink Strategies

Santander Merchant Services

A suite of payment processing and business management solutions to enhance the ways your customers can connect with your business.

Ask a Banker: I Have a PPP Loan. What’s Next?

Helpful links

A number of government relief programs for businesses are being implemented on federal, state, and local levels. In an effort to provide direction and support for our impacted business community, please reference the guide below for information on economic relief efforts:

Community Development Financial institutions (CDFIs)
As state and local government agencies mobilize to support small businesses through this time of economic hardship, Community Development Financial institutions (CDFIs) will be key players in these efforts. Use this CDFI Locator to identify organizations in your area, and be sure to check your city or local government websites for small business support programs.

Small Business Administration (SBA)
Stay up to date on the latest updates from the Small Business Administration by visiting Coronavirus (COVID-19): Small Business Guidance & Loan Resources.

U.S. Chamber of Commerce | Coronavirus Small Business Guide
Visit the United States Chamber of Commerce Coronavirus Small Business Guide, updated daily with new resources to assist you and your business.

*If you do not meet these requirements, but you or your company has an existing relationship with Santander (e.g., an active loan or deposit account) and you may be unable to get a PPP loan at another institution, we may be able to assist you. Please speak with your Santander banker or call Customer Service at 877-768-1145, Monday to Saturday 8:00 am to 8:00 pm ET, and Sunday 9:00 am to 5:30 pm ET for assistance.

**IOLTA/IOLA, escrow and certain other excluded accounts are not permitted to be used for PPP funding. PPP applicants that do not have a deposit account with Santander, but do have a loan or grant relationship with Santander as of October 2, 2020, are permitted to apply for a PPP loan; however, a deposit account must be opened prior to application submission.

***The term “Agents” includes any authorized representative of the PPP applicant, such as an attorney, accountant, consultant, any person or entity who helped the applicant prepare the application and is employed and compensated by the applicant, a loan broker, or any other individual or entity representing an applicant by conducting business with the SBA. As no Agents will be engaged by the applicant in connection with the PPP loan application process, Santander will not be obligated to pay any fees to any Agents in connection with this loan application.

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Have questions?

 

 877-768-1145

or contact your relationship manager.
Hearing- and speech-impaired customers may use 7-1-1 or their preferred relay service.
 
Santander Business Banking Customer Service hours are Monday to Saturday 8:00 am to 8:00 pm ET, and Sunday 9:00 am to 5:30 pm ET.

We value your feedback. Click here to share your thoughts on the PPP loan process.
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