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 January 19th, the Small Business Administration (SBA) opened the expanded Paycheck Protection Program (PPP) portal to all lenders. Santander is now accepting applications for First and Second Draw PPP loans.

 

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

On December 27th, the President signed into law new legislation expanding the Paycheck Protection Program (PPP). Santander continues to wait for the U.S. Treasury and the Small Business Administration (SBA) to enact rules, guidance and forms implementing the program. The bill also simplifies the PPP forgiveness process for loans of $150,000 and less and gives businesses more flexibility on how they use the funds

Given the recent legislation and upcoming revisions to the forgiveness process by the SBA, Santander is not currently accepting forgiveness applications. Please note that you do not need to apply for forgiveness to apply for a second draw PPP loan.

When available, we will send our forgiveness application to you with plenty of time remaining to apply for forgiveness.

While the details are still yet to come, Santander is preparing to assist you.  

When revisions to the forgiveness process are made available by the SBA, we will update you on these changes. When available, we will send our forgiveness application to you with plenty of time remaining to apply for forgiveness.

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
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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.

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?

ACH / Wire Capabilities

Automated Clearing House (ACH) and wire transfers improve your ability to collect funds or make payments quickly and effciently.

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.

The information provided herein may contain content supplied by third parties and is for general and informational purposes only and is not and should not be considered legal, tax or financial advice. Any information or content regarding any specific person, entity, or service does not constitute or imply their or its endorsement, recommendation or favoring by or partnership or affiliation with Santander Bank, N.A. (“Santander”). Neither Santander nor any of its employees assumes any legal liability for the accuracy, completeness, or usefulness of any of the content of this publication. In no event shall Santander nor any of its employees be liable for any use of, for any decision made or action taken in reliance upon or for any errors in, or omissions from this information. Santander assumes no responsibility or liability whatsoever to any person in respect of such matters, and nothing within this document shall amend the terms and conditions of the agreement(s) between you and Santander.

First Data Corporation, a subsidiary of Fiserv, Inc. The First Data name, logo and related trademarks and service marks are owned by First Data Corporation and are registered or used in the U.S. and many foreign countries. The Clover logo and marks are owned by Clover Network, Inc., a wholly owned subsidiary of First Data Corporation, and are registered or used in the U.S. and many foreign countries. Use of Clover requires a Merchant Processing Agreement.

 

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.

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