According to the Crain's Detroit, Comerica, Inc., a financial services company based in Dallas, says Michigan's second-largest economic institution began informing customers that its automated system is complete, and they have started processing loan applications.
Crain's obtained an email from the bank that confirms the online application process is online.
"We are currently accepting new loan applications online for the Small Business Administration's (SBA) Paycheck Protection Program (PPP) from customers who have a Comerica business checking account or Comerica business savings account that was opened on or before February 15, 2020," the bank wrote.
Crain's writes that Comerica customers have been voicing concerns about the bank's challenges in getting the system online. This comes amid a report from Inc.com stating that that the federal PPP is "out of money." According to Crain's, Congress says it is prepared to designate an additional $310 billion to the program.
Matt Barnhart, who is the vice president of corporate communications in Michigan, says that the bank has implemented the "dual-track approach."
"To support our customers, we have implemented a dual-track approach -- processing applications through our traditional underwriting channels, while at the same time sending applications through our new automated system that allows us to process applications at a higher volume," Barnhart told Crain's in an email.
Barnhart confirmed to Crain's that he will continue to reach out to customers, answering any questions that they may have. Barnhart added that they are accepting loan applications for submissions to the SBA.
"We began reaching out to more business customers this past weekend -- and will continue to do so -- to inform them that we are currently accepting applications so that we may process and queue up applications for submission to the SBA when additional funds are approved by the U.S. government," Barnhart wrote.
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