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Citibank COVID-19 Financial Relief Program Options: Supporting You Through Uncertain Times

Introduction
The COVID-19 pandemic brought unprecedented financial challenges for individuals, families, and businesses worldwide. Recognizing these hardships, Citibank introduced a suite of COVID-19 financial relief programs designed to ease payment burdens, maintain liquidity, and offer flexible support. Whether you hold a mortgage, carry credit-card debt, or run a small business, Citibank’s relief options are structured to help you navigate reduced income, unexpected expenses, and market volatility.

1. Personal Account Relief

1.1 Mortgage & Home Equity Loan Forbearance

  • Payment Deferrals: Eligible homeowners could defer up to three months of mortgage or home equity loan payments without incurring late fees or reporting delinquency to credit bureaus.
  • Rate & Term Unchanged: Deferred amounts were simply added to the end of your amortization schedule; your interest rate and loan term remained intact.
  • Easy Enrollment: Request forbearance via Citi Online®, the Citi Mobile® App, or by calling CitiPhone®. No proof of hardship documentation was required.

1.2 Credit-Card Relief

  • Deferred Minimum Payments: Citi allowed qualified cardholders to skip minimum payments for up to three billing cycles, with no late fees or negative impact on credit scores.
  • Reduced APR Offers: In certain cases, temporary reductions to promotional APRs or fees were provided to help ease interest burdens.
  • Automatic Enrollment for Some Clients: High-need or Citi Priority®/Citigold® customers received proactive outreach with tailored relief options.

1.3 Personal Loan Flexibility

  • Payment Postponements: Citibank enabled personal-loan payment deferrals—typically up to 90 days—with no additional interest or penalties for qualified borrowers.
  • One-Time Skip-a-Payment: Even beyond pandemic-specific relief, Citi’s longstanding Skip-a-Pay feature was extended to more borrowers, allowing one missed payment per year for personal loans and auto loans.

2. Small Business & Commercial Support

2.1 Paycheck Protection Program (PPP) Facilitation

  • PPP Loan Origination: Citibank acted as a Preferred SBA Lender, assisting small businesses in obtaining forgivable PPP loans to cover payroll, rent, utilities, and mortgage interest.
  • Expedited Funding: Leverage Citi’s digital loan portals and streamlined documentation processes to secure PPP funds rapidly.
  • Forgiveness Guidance: Dedicated SBA-compliance teams provided step-by-step assistance with forgiveness applications and interim reporting.

2.2 Commercial Loan Payment Relief

  • Term Loan Forbearance: Companies holding Citi commercial loans could request up to six months of principal and interest deferrals, preserving cash flow during revenue disruptions.
  • Interest-Only Options: For longer-term flexibility, Citi offered temporary interest-only payments on real-estate and equipment loans.
  • Waived Penalties: No prepayment or deferral-processing fees applied to participating commercial borrowers.

2.3 Corporate Card & Treasury Services

  • Extended Payment Terms: Corporate-card accounts received the option to extend pay-by-closing-date deadlines without late fees.
  • Fee Waivers: Citi waived or reduced fees on remote deposit capture, ACH origination, and international wires for impacted businesses.
  • Treasury Liquidity Solutions: Enhanced access to Citi’s commercial paper and supply-chain financing programs helped enterprises shore up working capital.

3. How to Access COVID-19 Relief

  1. Online & Mobile
    • Log in to Citi Online® or the Citi Mobile® App, navigate to your loan or card account, and select “COVID-19 Relief Options” to view eligibility and submit your request instantly.
  2. Phone Support
    • Call CitiPhone® (the number on the back of your card or statement) and choose the COVID-relief menu option to speak with a dedicated specialist who can facilitate your relief request.
  3. In-Branch Consultation
    • Visit your local Citibank branch for one-on-one guidance, though in-branch capacity may be limited—calling ahead is recommended.

4. Best Practices During Relief Period

  • Continue Communicating: If your hardship persists beyond the standard relief window, contact Citi before your deferral ends to explore extended options or alternative programs.
  • Monitor Your Credit: While Citi did not report approved forbearance as delinquency, keep an eye on your credit reports for accuracy.
  • Budget for Resumption: Plan ahead for repayment resumption—consider setting aside a small reserve each month so you’re not caught off-guard when payments restart.
  • Explore Additional Resources: Federal, state, and local relief programs (rental assistance, unemployment benefits) may supplement Citi’s offerings.

Conclusion
Citibank’s COVID-19 financial relief programs provided critical breathing room for homeowners, consumers, and businesses at the height of the pandemic. By offering payment deferrals, fee waivers, and dedicated support channels, Citi helped clients preserve liquidity and maintain stability. While the immediate health crisis has eased, understanding these relief mechanisms—and the processes to access them—remains valuable in any future hardship context.

Need relief options? Log in to your Citi Online® account, open the Citi Mobile® App, or call CitiPhone® today to explore the relief programs for which you may qualify.

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