Business Customer Financial Assistance Programs
Mars Bank is working with business customers who are impacted financially by the Covid-19 pandemic. To learn about assistance for consumers click here.
Available Business Customer Assistance Programs
Mars Bank Commercial and Small Business Assistance
- Loan assistance with no credit bureau impact:
Interest-only payment options
Payment deferral options
- Temporary suspension of late fees through May 15; fees may be waived or refunded upon request for customers facing financial hardship during the assistance period
- Emergency loans for working capital necessary to sustain business during this crisis (subject to credit approval)
Please contact your commercial banking officer or 724-625-1555 ext. 250 to discuss your situation.
Paycheck Protection Program Update- May 29, 2020
Mars Bank is an approved and participating lender with the SBA in the Paycheck Protection Program. Funds are currently still available for businesses who have not yet applied for a PPP loan. Please contact your commercial banking officer for more information or call 724-625-1555 ext. 250.
Update Regarding PPP Loan Forgiveness- June 12, 2020
Thank you for your trust in Mars Bank to help your organization secure your Paycheck Protection Program loan. This email is to update you on the developments regarding the loan forgiveness process.
Due to the ongoing changes to guidance from the SBA and additional legislation regarding forgiveness and the application process, the bank is not yet processing forgiveness requests. Once these issues are resolved, we will begin accepting applications.
The window for loan forgiveness has been extended to 24 weeks from the funding of the loan. This provides time for the guidance to be worked out. While we await final rules for forgiveness, we suggest taking the following actions:
- Review the current rules about the forgiveness process including details regarding employee status, payroll calculations and non-payroll expenses that may be eligible for forgiveness. Borrowers are responsible for the repayment of portions of the loan that are not forgiven. View details on the SBA website by clicking here.
- Visit the SBA site and download current FAQ information provided by the agency. The FAQ page can be accessed by clicking here.
- You may also consider contacting your accounting and/or legal professionals for input regarding the use of PPP funds and forgiveness requirements.
We will continue to provide information regarding the PPP forgiveness process as it becomes available. We appreciate your business and know this process is important to your organization. We thank you for your patience as we work through the process.
Please contact your Commercial Banking Officer with any questions regarding this matter.
Economic Injury Disaster Loans and Loan Advance
We also know loans will be made available via the Small Business Administration (SBA) including disaster relief and working capital loans. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Companies may apply directly through the SBA by clicking here.
State Program Assistance
The Commonwealth of Pennsylvania has developed a program to help small businesses with fewer than 100 employees. It will be administered by the Pennsylvania Industrial Development Authority (PIDA). It provides working capital financing to small businesses located within the Commonwealth that are adversely impacted by COVID-19. The program offers loans at a maximum of $100,000 to qualified businesses. Loan terms are three years with a 12-year amortization with no payments due during the first year. See https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/ for more details surrounding the program and related guidelines. To apply for the grants, businesses must contact a local certified economic development organization. See https://dced.pa.gov/CEDO/ for a listing of certified organizations near you.
Please contact your commercial banking officer or call 724-625-1555 ext. 250 to discuss your situation.
To learn about assistance for consumers click here.