Citibank, "Supporting Small Business When It Matters Most"

Summary

Citi's coronavirus page for small business owners says the bank is working with the Small Business Administration on the Paycheck Protection Program but is "not yet able to accept applications," and that its branch and call center representatives "do not have any additional information at this time." The page, under the name of David Chubak, Head of U.S. Retail Banking, describes the CARES Act program as a federally-guaranteed, low-interest loan intended to help small businesses keep their employees working. It lists who may qualify, including businesses with up to 500 employees, 501(c)(3) and 501(c)(19) veteran organizations, tribal business concerns, independent contractors and sole proprietors. Covered expenses include payroll costs and mortgage interest, rent and utilities tied to obligations, leases or service in place before February 15, 2020.

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CORONAVIRUS (COVID-19)

Supporting Small Business When It Matters Most

As a small business owner, you have unique challenges and roles to play during these unprecedented times. If your business was disrupted or temporarily closed due to COVID-19, a low-interest loan through the Paycheck Protection Program may help you get back to business.

Citi is working with the Small Business Administration to provide relief to Small Business owners. While we are working as quickly as we can, we are not yet able to accept applications for the Paycheck Protection Program. Our Branch and Call Center Representatives do not have any additional information at this time. Please continue to check this site for more information and additional Small Business resources.

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
- 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

Stay Up to Date with Citi

If you would like to be notified when more information is available, please provide your contact information.

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

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