DALLAS, May 7, 2020 /PRNewswire/ -- Comerica Bank
announces today that it has processed and submitted approximately
13,000 Paycheck Protection Program (PPP) loan applications, all of
which have been approved by the U.S. Small Business Administration
(SBA). Currently, the total loans expected to be funded stands at
$4.1 billion, with 63 percent of
loans being less than $100,000 and 56
percent of loans going to companies with fewer than 10 employees.
Based on the applications received, this funding will impact
approximately 250,000 employees. Comerica is continuing to take
applications from existing customers as of Feb. 15, 2020. Visit comerica.com for
additional information.
"I am pleased to announce that thus far we have received SBA
approval for each of the complete and eligible applications
submitted through Comerica," said Curt
Farmer, Chairman and CEO of Comerica Incorporated and
Comerica Bank. "We are proud to continue serving our customers by
processing these critical loans, helping small businesses cover
daily expenses and keep workers on their payroll. Comerica will
continue to accept and submit applications in all of our markets
until the PPP funds are exhausted."
More than 1,000 Comerica colleagues are supporting the PPP
project with the mission of serving our customers as they focus on
keeping their workforce intact.
Additional $4 Million Community
Commitment
Comerica is also proud to announce another
$4 million investment into the
communities it serves via contributions to Community Development
Financial Institutions (CDFIs) and other nonprofits that support
micro-sized businesses, as well as community programs supporting
those impacted by COVID-19. Comerica and the Comerica Charitable
Foundation announced an initial $4
million community investment on March 24.
"With this additional $4 million,
Comerica and the Comerica Charitable Foundation have now committed
$8 million to COVID-19 relief
efforts. It is more important than ever that we support our
communities and local businesses through the nonprofit agencies
that are providing critical products and services during these
difficult times," said Farmer.
Enhanced Income Payment Program & COVID-19 Customer
Relief
Regarding the Enhanced Income Payment (EIP) program
(or stimulus payment), Comerica waived its customers' overdraft
balances to ensure that they received the full amount of their
direct deposit/check from the IRS and U.S. Department of
the Treasury. This means if a customer's account showed a negative
balance prior to the arrival of their stimulus payment, Comerica
forgave the overdrawn amount, so the customer received their
payment in full from the government. Comerica will not attempt to
collect the forgiven overdraft amount at any time in the
future.
"Comerica is a relationship bank and we are here to do right by
our customers just as we have for more than 170 years," added
Farmer.
Comerica continues to serve its customers by discussing various
loan payment deferral and fee waiver options for those who have
been impacted by COVID-19. And, for our retail customers
experiencing financial difficulty as a result of COVID-19, we are
asking that they contact us to discuss fee and penalty waivers,
loan deferrals and other considerations that best meet their
circumstances. Comerica customers can call (888) 444-9876 to
discuss their situations.
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Dallas,
Texas, and strategically aligned by three business segments:
The Business Bank, The Retail Bank, and Wealth Management. Comerica
focuses on relationships, and helping people and businesses be
successful. In addition to Texas,
Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets of
$76.3 billion at March 31, 2020 and celebrated its 170th
anniversary last year.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/comerica-bank-processed-approximately-13-000-paycheck-protection-program-loan-applications-for-customers-funding-of-4-1-billion-301055410.html
SOURCE Comerica Bank