WELLSBORO, Pa. (WETM) – C&N Bank says they have processed over $98 million in Paycheck Protection Program (PPP) loans for 900 local businesses, which helped fund the paychecks of more than 11,200 employees in the region.
“We were pleased that Congress approved the second round of funding for our local small businesses,” said Brad Scovill, C&N President & CEO. “While we were able to help 500 businesses through the first round, we still had applications that weren’t yet processed before the first round of funding ran out. Now, we can give hope back to our business clients who thought they couldn’t get the help they need.”
C&N processed loans for businesses across the Twin Tiers, but a lot came from the Northern Tier businesses.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for small- to medium-sized businesses disrupted by COVID-19. As part of the federal relief package, the Paycheck Protection Program serves 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 says they have extended 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 has received approval on 100% of the completed and qualified applications it has accepted to date.