02/02/2021: Payroll Protection Program For Businesses Across Central New York
Right now, our dedicated banking team continues to help local businesses access funds available through the Paycheck Protection Program (PPP). This has been a life raft for our many valued clients throughout the region experiencing hardship and issues with cash flow.
In our 92 years of serving the community, Seneca Savings has weathered many ups and downs, and these times, too, shall pass. Many unsettled local business owners have not known what their future holds, but the help available through emergency loans guaranteed by the Small Business Administration (SBA) is creating pathways and possibilities. And we’re here to help build a bridge to get you from here… to there.
Laurie Ucher, Senior Vice President for Retail Banking points out that “our immediate response to the pandemic was to get the money into the hands of businesses that desperately needed it to make ends meet,” a commitment we have continued in the second round of PPP loans.
And it has made a big difference.
Since we began our early participation in the Paycheck Protection Program, Seneca Savings is proud to report that the initiative has saved thousands of jobs in the Greater Syracuse area.
Day in and day out, we talk to businesses in our community about the challenges they face and we’ve been gratified to guide them through the process of getting access to the loans necessary to help them come out on the other side of the pandemic.
Overview of the Paycheck Protection Program
When the economy was put on pause after COVID-19 reared its ugly head, the federal government’s response was to enact the Paycheck Protection Program. This relief package is designed to give a hand up to businesses struggling to keep their workforce employed and cover other monthly expenses.
After the first injection of funds, Congress has allocated an additional $284.45 billion for the program and extended it to March 31, 2021.
What this means is that businesses that did not apply for assistance in the “first round” can now tap into funds. Businesses who have already taken advantage of the program can seek even more assistance if they are eligible.
It’s important to clarify First and Second Draw PPP Loans.
- First Draw PPP Loans: Businesses with 500 or fewer employees that have not previously received a PPP loan may now apply for one to help with payroll, rent, utilities, healthcare costs, and other urgent expenses. Of course, Seneca Bank will guide you through the application process.
- Second Draw PPP Loans: For those businesses that have already received a PPP loan, they can apply for a second draw if a few boxes are checked.
- Must have used all of their first loan, or will have used it all by the time of the disbursement of the second loan.
- Must have no more than 300 employees.
- Must demonstrate a revenue reduction of at least 25%.
Whether you are applying for PPP for the first time or you have already taken advantage of the program and need more breathing room, Seneca Savings looks forward to streamlining the process. Together, we’ll get through this.
Equal Housing Lender, Member FDIC