The impact of the COVID-19 pandemic is unprecedented in our community. It is challenging our health and lives, our businesses and jobs, and our economic security. It is at times like these that Ridgewood Savings Bank, a mutual savings community bank, takes its obligation to you and the communities we serve to heart.
Ridgewood is participating in the federal Paycheck Protection Program (PPP) to support small businesses, which are essential parts of a community’s vitality. Small business owners run the corner deli, the local barber shop, the dry cleaner’s, and many more enterprises. These are businesses that provide jobs, conveniently deliver needed services, and connect people to one another.
PPP loans were designed by Congress to specifically help keep smaller enterprises operating and paying their employees during the pandemic. Therefore, Ridgewood is helping to mitigate the economic impact of the pandemic by arranging PPP loans to support eligible businesses in the communities we serve.
As of mid-May, Ridgewood had arranged $11.5 million in PPP loans to help more than 200 small business customers weather the COVID-19 pandemic and keep people on the payroll. Businesses received an average of $58,000 each.
Under PPP loan terms, small businesses can borrow an amount equal to two and a half times their monthly payrolls. The money is enough to pay employees for two months and leave a little bit extra to cover expenses such as utility bills or equipment leases.
Under the terms of the program, there is a possibility that the borrower will not have to pay back the loan if the business meets certain requirements. One important requirement is that the borrower has to keep employment at the same level it was pre-pandemic; otherwise some or all of the loan may not be eligible for forgiveness.
“Our business team makes sure every PPP loan applicant understands the terms of the loan, and what they need to do to ask the government to forgive the loan,” explains Anthony Simeone, Executive Vice President and Senior Lending Officer at Ridgewood.
The good news is that Ridgewood is still currently making funds available to community businesses, and invites owners to apply to receive this assistance. “Everyone has to pull together to get through COVID-19. We’re doing our share,” explains Leonard Stekol, CEO, President, and Chairman of Ridgewood Savings Bank.
To find out if your business meets the criteria to apply for a PPP loan at Ridgewood, please visit its website, call (844) 335-8198, or email businessbanking@ridgewoodbank.com. Ridgewood also invites you to view its extensive PPP video library.
