Ridgewood Savings Bank, which has seven branches in the Bronx, has arranged for $11.6 million in Paycheck Protection Program (PPP) loans to help over 200 small business customers.
A total of 30 loans will go to businesses in the Bronx.
On average, businesses received approximately $58,000 each to help them keep paying employees and cover a portion of overhead expenses. Ridgewood is still making funds available to additional eligible business customers and community businesses that can apply to receive this assistance.
“Small businesses and the people they employ comprise the heart and soul of the communities that Ridgewood serves,” said Leonard Stekol, CEO, president and chairman of Ridgewood Savings Bank. “As a community bank, we want to strengthen our communities; strong communities depend on the businesses located there.”
The PPP was designed to keep smaller enterprises operating and paying their employees during the pandemic. According to Stekol, Ridgewood is participating in the PPP to support businesses in the communities it serves and help mitigate the economic impact of the pandemic.
Under PPP loan terms, eligible 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 a lease or utility bill. If a borrower makes good on its promise to retain its pre-COVID-19 payroll, there is a possibility that the loan will be forgiven.
“Our business team explains the PPP loan application process, and the current information available regarding loan forgiveness to our customers,” explained Anthony Simeone, executive vice president and chief lending officer at Ridgewood. He notes that, Ridgewood has directly processed or referred every PPP loan application it has received to date.