Fifth Third will accept new loan applications for the SBA Paycheck Protection Program (PPP) beginning Wednesday, April 7. If interested, we encourage you to apply as soon as possible. While the program was extended to May 31, 2021, funds allocated for PPP may run out prior to the program’s end date.

As of April 4, 2021, approximately $223 billion has been approved out of the total $291.75 billion appropriated by the US Federal Government.

The SBA has implemented 49 validation checks within the PPP loan approval process which are further described in the unresolved borrower resolution process for second draw PPP loans.  These validation checks are causing delays in the origination process  for all approved PPP lenders.

Resources to navigate applying for a Paycheck Protection Program loan

The Paycheck Protection Program (PPP) has been implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with loans that can be forgiven in whole, or in part. These funds can be used to pay up to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, utilities, operations expenditures, property damage costs, supplier costs and worker protection.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
The tools and resources on this site provide specific guidance on how to best navigate and prepare the information needed to apply for a First of Second Draw PPP loan yourself, or with your adviser(s).
Informational videos, checklists, FAQs and webinars have been customized by to make the loan application process simple and easy.

Best Practices for Preparing for Applying for a PPP Loan

  • Step 1: Review the materials on this site
  • Step 2: Determine eligibility for applying for a First or Second Draw loan
  • Step 3: Select your application:
      • First Draw PPP loan applicants who file business taxes on a Schedule C and choose to use gross income for calculating their loan amount, use this form
      • All other First Draw PPP loan applicants, use this form
      • Second Draw PPP loan applicants who file business taxes on a Schedule C and choose to use gross income for calculating their loan amount, use this form
      • All other Second Draw PPP loan applicants, use this form
  • Step 4: Calculate your maximum loan amount
  • Step 5: Gather the required supporting documentation First or Second Draw applications
  • Step 6: Contact your relationship manager to apply*

*Businesses that work primarily with a branch or call center can schedule an appointment with a Fifth Third banker by logging in to online banking at 53.com and using the Paycheck Protection Program section, schedule a phone appointment with a local branch to begin your application; Or call 877-887-0273 (Monday through Friday, 8 a.m. to 6 p.m., ET) to speak with a representative. We expect a high volume of calls during this time. Thank you for your patience.
 
 

Fifth Third Bank, National Association and Aprio provide the following content as general guidance offered on an informational basis to assist you and your company in evaluating the SBA programs. Due to the evolving nature of the SBA programs, and the lack of final published regulations, additional changes may affect the validity or timeliness of the content. Every client situation is unique, so Fifth Third Bank and Aprio recommend that you consult legal counsel to determine the best outcome for your company based on your company’s specific circumstances. Aprio does not represent any financial institution or serve as an agent for any financial institution, and Aprio is not responsible for the actions of any other third party.