Commercial Banking COVID-19 Support

The Coronavirus Aid, Relief, and Economic Security Act has been passed.  It contains a number of provisions to help businesses.  These include an SBA lending expansion entitled the Paycheck Protection Program, which will cover 8-24 weeks of worker pay, with the possibility of having the loan forgiven if requirements are met.  The act also expands the SBA’s EIDL program eligibility and makes it easier to apply.  Business tax credits are yet another component of the CARES Act.  Finally, it puts in place changes that affect paid sick leave and paid FMLA by modifying the Families First Coronavirus Response Act. 

As a preferred SBA lender, First Merchants is also able to make certain SBA loan modifications for existing borrowers.  For both 7A and 504 loans, the bank has deferral options as needed.  

Businesses may also inquire directly with the SBA about the expanded; Economic Injury Disaster Loans (EIDL) program, which is a direct loan program through the federal government.  We will keep you posted on any future developments with regard to SBA lending.

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Midwest State Resources Available to Business Owners

As we maneuver these difficult times, each state is also making COVID-19 resources available to business owners. For your reference, we’re including some of the Midwest official state government COVID-19 resource pages for you here:

• Indiana COVID-19 Resources;
• Illinois COVID-19 Resources;
• Ohio COVID-19 Resources;
• Michigan COVID-19 Resources.

Additionally, if you live or do business in a rural area, there may be additional government COVID-19 rural support available to you.  

Bank from Anywhere

Despite these uncertain times we live in, your banking needs have not changed.  We encourage you to learn about all the ways you can bank with us, even if you need to do so remotely.  

Business Online Banking keeps all your accounts at your fingertips, from the office or your home.  Learn more about our online banking services, or if you’re ready to enroll find the step-by-step guide here.  Additionally, with mobile banking you can take care of banking from wherever and on any device.  With the First Merchants Business Mobile App you’ll be able to: access your accounts, deposit checks, make payments, pay your bills, transfer funds and approve ACH and Wire transactions.  

With ACH, you can expect to gain efficiencies, spending less time and money on processing transactions through traditional paper methods. You can also disburse funds, like paying employees, and collecting receivables through this technology.  Additionally, ACH Positive Pay can protect your business against unauthorized or fraudulent electronic transactions.  

Lockbox services allow you to outsource your accounts receivable processes. Among other things, this will reduce the amount of handling of paper/checks, including the time and money required to process those receivables. Benefits include improved cash flow, reduced internal receivable processing, timely receipt of payment data and images, and improved security. 

With the Remote Deposit Capture solution, you will benefit from a technology that will accelerate your receivables by depositing checks right from your office.  Benefits also include saving time and money from depositing at the branch.

Sending domestic and international wires through business online banking is a secure alternative versus sending wires via branch or phone. Wire transfer is the fastest form of payment when you need to send a payment same-day and guaranteed funds.  

Protect Your Business

Above all, we want to help you protect yourself from fraud.  81% of companies were targets of payment fraud in 2019.  In these uncertain times, fraudsters are more active and targeting people who are trying to adjust to a new normal in their lives and business, as a result of COVID-19.  Business Online Banking has various features to help keep your funds safe, in addition to other solutions we can provide.  To learn more about how to protect your business, visit our security center.