Business Resources and Support for COVID-19

We are committed to your business.

People’s United Bank is committed to helping its customers meet the business challenges posed by the COVID-19 outbreak. From our online access tools that allow companies to bank remotely to our status as a Small Business Administration Preferred Lender, we’re honored to support lending programs and provide services that allow businesses to access capital and maintain their operations in challenging times.

Small Business Administration (SBA) Lending Programs

The US Small Business Administration (SBA) has several programs in place to provide assistance funding to businesses that qualify. Business owners / managers should check with the SBA regularly as programs and benefits continue to evolve.

Paycheck Protection Program (PPP)

As of July 6, the U.S. Small Business Administration has again resumed accepting new applications for the Paycheck Protection Program.

Paycheck Protection Program loans are designed to provide a direct incentive for eligible small businesses to keep their workers on the payroll. The program provides eligible small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.


  • Available to small businesses with 500 or fewer employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees are eligible in certain industries. 
  • Loan amount is based on the average monthly payroll cost multiplied by 2.5. Certain income levels are excluded from payroll costs. The loan is subject to a $10 million cap and features a two-year term.
  • Payments on principal and interest will be deferred for 6 months, and loans will be forgiven if specific conditions are met.

Paycheck Protection Program Loan Forgiveness

  • People’s United Bank is not yet accepting applications for PPP loan forgiveness. Customers with a PPP loan from People’s United will be notified directly by the bank by email or postal mail when they may apply.
  • PPP borrowers through People’s United Bank who apply for loan forgiveness will do so through an automated platform. The platform will closely follow the content of the forgiveness applications issued by the SBA, but the application forms will NOT be uploaded into the platform. Please familiarize yourself with the information requested in the applications, as well as if you qualify to use the “EZ” application.
  • People’s United Bank will validate forgiveness applications submitted by borrowers, and any approved forgiveness amount must also be approved by SBA. SBA approval of forgiveness applications may take up to 90 days following the bank’s determination.
  • The SBA has published an Interim Final Rule covering additional revisions to loan forgiveness rules and the Paycheck Protection Program Flexibility Act.
  • Customers with questions on the forgiveness process may contact their Relationship Manager (if assigned) or contact the PPP helpline at (888) 772-1090.

Any independent contractor or small business may apply.


  • To apply, contact your local branch or, if you have an assigned People's United Relationship Manager, please contact them directly.
  • Inquiring on the status of an application?
    Please contact your Relationship Manager or the branch banker that took your application, or call (888) 772-1090.

Applicants are subject to SBA program eligibility requirements. Information and site links are subject to change without notice. Borrowers should discuss with their financial advisors if a PPP loan is best suited for their individual situation.

Economic Injury Disaster Loans (EIDLs)

The Economic Injury Disaster Loan Program provides small businesses with working capital loans that can help them overcome a temporary loss of revenue as a result of a disaster. In response to the Coronavirus pandemic, small business owners in all U.S. states are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.


  • The EIDL program will assist businesses impacted by COVID-19 and allows businesses to borrow up to $2 Million with a maximum loan term up to 30 years.
  • The EIDL program includes an option for a $10,000 cash advance within three days of a successful application that does not have to be paid back even if the borrower’s application is subsequently rejected.
  • Borrowers that subsequently apply for a Paycheck Protection Program loan will have the $10,000 cash advance deducted from their PPP loan.
  • Businesses can apply directly to the SBA for a disaster loan.

Applicants are subject to SBA program eligibility requirements. Information and site links are subject to change without notice. Borrowers should discuss with their financial advisors if an EIDL loan is best suited for their individual situation.

Federal Reserve Program

The Federal Reserve has established a lending program to provide assistance funding to businesses affected by COVID-19. Business owners / managers should check with the Federal Reserve regularly as program details continue to evolve.

The Main Street Lending Program

As a part of the CARES Act, the U.S. Government has provided $600 billion for the “Main Street Business Lending Program,” to be administered by the Federal Reserve. The Main Street program is intended to support mid-sized businesses that now face hardships as a result of the COVID-19 crisis.


  • The Program offers five-year loans to businesses that meet specific criteria and were in good financial standing before the coronavirus crisis hit. Principal payments will be deferred for two years and interest payments will be deferred for one year (unpaid interest will be capitalized) under this program.
  • Borrowers are required to follow compensation, stock repurchase and dividend restrictions that apply to direct loan programs under the CARES Act, with exceptions for S corporations and other tax pass-through entities.
  • Businesses that have taken advantage of the Small Business Administration’s Paycheck Protection Program may also take out loans under this new program.

Learn More About the Program

Companies interested in the Main Street Lending Program should contact their People’s United Bank Relationship Manager.

Information and site links are subject to change without notice.

State Relief Resources

In addition to the national CARES Act, many states in the People’s United Bank geographic footprint have implemented their own programs and resources to support businesses. Select your state to see what it offers. Information and site links are subject to change without notice.

Small Business Insights

How to Avoid a Cash Flow Crisis: Know Your Business

All businesses, regardless of their size, are susceptible to cash flow problems but none more so than small businesses. Whether it is underestimating a sales cycle, falling behind on collections, an unexpected downturn in the economy, or a disruption like bad weather, small businesses are much more prone to a cash flow crisis. Fast-growing businesses are especially vulnerable to cash crunches when increasing expenses begin to outrun their cash flow or they let their receivables get out of control.

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