KeyBank has taken several steps to help support its clients facing economic hardship due to the spread of COVID-19. In addition to financial programs already in place, KeyBank will defer payment for at least 90 days for clients facing economic hardship due to the spread of COVID-19.

• Package includes a payment deferral plan for clients facing economic hardship
• Support for its employees, including a childcare reimbursement
• KeyBank Foundation announced initial community support plan
• Temporary closure of certain branches to keep teammates and clients safe

As part of its comprehensive response to the impact of COVID-19, the KeyBank Foundation will also take several steps to support and augment employee donations and volunteer efforts. This includes an initial $1 million commitment to support vulnerable individuals, small businesses and neighborhoods.

“KeyBank’s purpose is to help our clients, our employees, and our communities thrive. That is true in good times and in challenging times,” said Chris Gorman, president and chief operating officer. “We are already seeing the economic impact of COVID-19 across our communities. KeyBank is well positioned to be part of the solution. We urge our clients who are facing financial difficulty to contact us so we can find the best solution.”

Supporting Our Clients:

• Small Business Relief: KeyBank has expertise on government programs and a variety of solutions that will lower borrowing costs for small businesses including the option to defer payments for 90 days. Business owners affected by COVID-19 are asked to contact their relationship manager or 1-888-KEY4BIZ (539-4249) to discuss relief options for their business.
• KeyBank has been recognized as SBA’s 9^th largest lender for 2019. We have a variety of solutions for our small business clients designed to help improve their business. Look to us to provide personalized comprehensive options with flexible terms and competitive interest rates.*

These programs are designed to assist clients who are facing economic hardship due to the spread of COVID-19 and the measures taken to contain it. They augment existing KeyBank programs, including possible forbearance or extension, waived fees (late or overdraft) or waived penalties for early CD withdrawal.  Key will also pause on new repossessions of vehicles as well as residential property foreclosures, unless required by federal or government agency.  More information about these programs is available at Key.com/coronavirus.

Supporting Our Employees:

KeyBank recognizes that many of our teammates are facing their own challenges and hardships from the virus and the efforts to halt its spread.  We have implemented a range of measures aimed at supporting our employees.  These include offering flexible work arrangements, additional paid leave in the event an employee is ill or needs to care for an ill loved one, as well as premium pay opportunities and a childcare reimbursement, for those employees who must report to their worksite to fulfill their duties.  Key is also covering the cost of testing for the virus and is waiving all copays and deductibles related to virtual and Telehealth doctor visits or consultations. 

Supporting Our Communities:

The KeyBank Foundation also announced today an initial $1 million commitment to communities across the bank’s footprint. These funds will be in addition to a 2:1 match for employee gifts up to $2000 made between March 1, 2020 and April 30, 2020. The KeyBank Foundation also committed to shifting resources to supporting projects designed to minimize the impact of COVID-19 on communities’ most vulnerable members, small businesses, and neighborhoods.

“In addition to how KeyBank is supporting clients, philanthropy will play a critical part in our response to spread of the COVID-19 in our communities,” said Elizabeth Gurney, Director of Philanthropy. “This initial commitment is just the start. The spread of the COVID-19 is impacting all of us in all of our communities, especially those in already vulnerable situations. We must stand up to help protect and support all members of our community during this crisis.”