CLEARFIELD – CNB Bank, along with the U.S. Small Business Association, provided assistance to its commercial community via the Paycheck Protection Program amid the COVID-19 pandemic.
The program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll, according to the SBA Web site.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
And the bank had an overwhelming response.
It processed over 1,000 applications providing $176.8 million in assistance to business customers, said Jamie Barger, CFMP, communications specialist.
The $349 billion authorized for Paycheck Protection Program loans was exhausted as of April 16, and the SBA discontinued accepting applications.
Barger said that any loan applicants that have received an SBA authorization number will receive an SBA guaranty.
She said the bank is now preparing to partner with the SBA again to provide additional opportunities when they become available, which could be as soon as this week.
To date, she said that the bank estimates assistance was provided to employers to protect over 20,000 jobs in area communities.
While funding for the PPP has ended until its replenishment, she said other programs are still available to assist the commercial community.
Barger said information is available on the bank’s Web site regarding the additional programs.
“Our partnership with the SBA’s Paycheck Protection Program enabled us to help our business customers during this challenging time,” said Joe Bower, bank president and chief executive officer.
“Everyone …. rolled up their sleeves to make sure our business customers and communities benefitted from the SBA stimulus program.
[We were] working long hours to process as many applications as possible during the short time the funds were available and we will do it again.”
Barger said CNB Bank is here to help should COVID-19 result in a financial hardship for its customers. She said people should contact their local bank representative for assistance.
In addition, she said customers can contact the Customer Service Center at 1-800-492-3221.
Bank lobbies are open by appointment while drive-up hours remain in operation for regular business where that service is available.