ERIEBANK partnered with the Small Business Association (SBA) to provide assistance to our commercial community through the Paycheck Protection Program (PPP) during this pandemic. This program provided $349 billion nationally in loans as a direct incentive for small businesses to keep workers on their payroll.
With an overwhelming response, ERIEBANK processed over 400 applications providing $61.5 million in assistance to business customers. The $349 billion authorized for Paycheck Protection Program loans was exhausted as of April 16, 2020, and the SBA discontinued accepting applications for PPP loans, for the time being. Any loan applications that have received an SBA authorization number will receive an SBA guaranty. The Bank is now preparing to partner with the SBA again to provide additional opportunities when offered, which could be as soon as this week.
ERIEBANK estimates that assistance was provided to employers to protect over 8,500 jobs in our communities. And while funding for the PPP has ended for now, other programs are still available to assist the commercial community. Information is available on the Bank’s website regarding the additional programs.
“Our partnership with the SBA’s Paycheck Protection Program enabled us to help our business customers during this challenging time,” stated Dave Zimmer, ERIEBANK President. “Everyone in our organization rolled up their sleeves to make sure our business customers and communities benefitted from the SBA stimulus program, working long hours to process as many applications as possible during the short time the funds were available and we will do it again.”
ERIEBANK is here to help should COVID-19 result in a financial hardship for you. Please reach out to your local bank representative should you need assistance during this difficult time, or contact our Customer Service Center at 1-800-492-3221. Lobbies are open by appointment and drive-up hours remain open for regular business wherever a drive-up is available.
ERIEBANK, a division of CNB Bank, is a $3.6 billion bank that has been and will continue to be developed by local business and community leaders. The local decision-making provided by ERIEBANK offers a high level of dedication and service to the communities within Northwest Pennsylvania and Northeast Ohio.