$116 million in Paycheck Protection Program funding approved
More than 840 Hudson Valley companies have received a total of $116 million under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), thanks to Tompkins Mahopac Bank’s work to expedite the program.
“Small businesses and their employees are the backbone of the local economy and are key partners to us as the Hudson Valley’s community bank,” said President and CEO Gerald J. Klein, Jr. “We wanted to do our part to support these businesses, so our team worked to process the loans as quickly and efficiently as possible. Even when that meant working nights, weekends and in between, we’re thankful to say these efforts have helped to cover payroll, interest, rent and utilities payments for local businesses and protected more than 7,000 local jobs.”
“As a small business owner with bills to pay during the pandemic, I was worried about the future of my business,” said Dr. Hongli Wang of Beacon Dental. “I owe Tompkins Mahopac Bank a debt of gratitude as I now know I have the finances to see some light at the end of the tunnel. That is because of the bank and the time they took to help me.”
Since its pandemic response also required the bank to restrict services to drive-up, ATM, phone and internet banking, staff also worked diligently to educate customers about electronic services.
“As an essential business, we know we’re fortunate to be able to stay open and accessible to customers,” Klein said. “That’s why we continue to do everything possible to support our friends and neighbors as we work hard to rebuild.”