April 6, 2020
WELLSBORO, PA – Since the Small Business Administration made the Paycheck Protection Program (PPP) available on Friday, April 3, C&N has received SBA approval on 79 loans for local businesses for a total of over $20 million. As an active participating SBA lender for many years, C&N quickly implemented a digital portal to accept and process online loan applications for the new program.
“We were eager to participate in this program because it’s the right thing to do. As a community bank, we have a responsibility to help our customers and to help our local economies get back on track,” said Brad Scovill, C&N President & CEO. “Over the last week, since the CARES Act and the PPP were announced, this team has dedicated countless hours to launch this program and provide this level of help to our customers in a short period of time. There’s still a lot of work ahead, but C&N is positioned to make a real difference for our customers through this program.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was recently passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. As part of the $2 trillion federal relief package, the Paycheck Protection Program will serve as an extension of the Small Business Administration (SBA) 7(a) loan program. It allows financial institutions to provide federally-backed, forgivable loans to eligible businesses in order to retain workers and pay bills during the pandemic. Businesses can get low-interest loans of about two and a half times their average monthly payroll.
In addition to the PPP, C&N is extending support to its customers in other ways as well, including restructuring existing loans, helping with cash flow and extending additional lines of credit.
Scovill said the Bank still has a significant amount of PPP requests in process that will require the team’s ongoing engagement. “We’re proud that we’re nimble enough to provide this type of relief at this time. It will have a material impact on the lives of many, and through them, the communities in which they live.”
Please visit cnbankpa.com/COVID-19
for the most up-to-date information.