Customers Bank, a PPP lender announced its newest financial account designed specifically to help businesses through this next phase of recovery: the ReStart America Biz Checking account.

The bank created the ReStart America Biz Checking Account to support the second phase of the American economic recovery. The new account provides commercial customers with access to the accounts and services they need, according to a press release

Key product features of the ReStart America Biz Checking account include 1.00% APY for the 28-week PPP covered period or 196 days, as well as a $50 minimum balance to open the account.

The new business checking account is especially helpful for companies with 20 or fewer employees or firms that haven't been able to access a banking relationship with a traditional financial institution.

"Many financial experts recommend establishing new accounts for First Draw and Second Draw PPP loans to aid in the forgiveness process, but not all business checking accounts are equal," Sam Sidhu, vice chairman and chief operating officer, Customers Bank said in the release. "We established the ReStart America account to enable small businesses to manage PPP funds and pay for eligible expenses while earning interest."

Copyright © 2021 Networld Media. All rights reserved., source Industry News