Supporting Small Business When It Matters Most
IMPORTANT UPDATE
On April 24, 2020, legislation providing an additional $310 billion of funding for the Paycheck Protection Program (PPP) was signed into law. In anticipation of this additional funding, we have been diligently processing the applications submitted to us in conformity with PPP rules and under guidance from the Small Business Administration (SBA). At this time, we are also accepting new applications from our Small Business Banking clients.
We recognize the importance of this funding to your business, and if you previously submitted a PPP loan application to us, we are reaching out as quickly as possible to notify you of any changes in your application status. Please continue to check your email for updates from Citi on the status of your application. Our call center and branch representatives will have no additional information on the status of your application.
Given the PPP has limited funding available, there is no guarantee that your application will be approved by the SBA prior to the funds being fully allocated or that your application will qualify for a PPP loan.
We will continue to monitor PPP funding availability, so please check this page for updates.
We're dedicated to helping you keep your businesses up and running.
David Chubak, Head of U.S. Retail Banking
How the CARES Act Can Help Your Small Business
The recently enacted CARES Act establishes a new Paycheck Protection Program, a federally-guaranteed, low-interest loan program intended to help small businesses keep their employees working. Small businesses, non-profits and sole proprietorships may be eligible for low-interest loans.
Your business may qualify if you:
- Have up to 500 employees (In select instances, businesses with over 500 employees may qualify. Visit our FAQ for detailed information, or go to the SBA guidelines on size standards)
- Are a restaurant or hospitality business with up to 500 employees per location
- Are a 501(c)(3) organization, a 501(c)(19) veteran organization, or a tribal business concern
- Are an independent contractor or sole proprietor
Covered expenses include:
- Payroll costs including salary/wages/commissions/tips, employee benefits, state and local taxes on compensation; for a sole proprietor/independent contractor: wages, commissions, income, or net earnings from self-employment
- Interest on mortgage obligations, incurred before February 15, 2020
- Business rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020
Helpful Resources
We are working diligently to get all the details on the loan application process; we will update our site with new information as soon as it is available.
Economic Injury Disaster Loans
The Small Business Administration is offering low-interest loans for working capital to small businesses.
Learn More
Small Business Administration
Find additional guidance, assistance and resources to help your small business.
Visit SBA.gov
Citi Small Business Banking
Take advantage of Citi's full set of products and services that are tailored to the needs of small business owners.
Learn More