The Ridgewood most important department in Queens.
Courtesy of Ridgewood Financial savings Bank
Ridgewood Financial savings Bank, which has seven branches within the Bronx, has organized for $11.6 million in Paycheck Safety Program (PPP) loans to assist over 200 small enterprise clients.
A complete of 30 loans will go to companies within the Bronx.
On common, companies acquired roughly $58,000 every to assist them hold paying workers and canopy a portion of overhead bills. Ridgewood continues to be making funds obtainable to further eligible enterprise clients and neighborhood companies that may apply to obtain this help.
“Small businesses and the people they employ comprise the heart and soul of the communities that Ridgewood serves,” mentioned Leonard Stekol, CEO, president and chairman of Ridgewood Financial 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 maintain smaller enterprises working and paying their workers throughout the pandemic. In keeping with Stekol, Ridgewood is taking part within the PPP to assist companies within the communities it serves and assist mitigate the financial affect of the pandemic.
Underneath PPP loan phrases, eligible small companies can borrow an quantity equal to 2 and a half occasions their month-to-month payrolls. The cash is sufficient to pay workers for 2 months and depart slightly bit further to cowl bills equivalent to a lease or utility invoice. If a borrower makes good on its promise to retain its pre-COVID-19 payroll, there’s a chance that the loan shall be forgiven.
“Our business team explains the PPP loan application process, and the current information available regarding loan forgiveness to our customers,” defined Anthony Simeone, govt vice chairman and chief lending officer at Ridgewood. He notes that, Ridgewood has immediately processed or referred each PPP loan software it has acquired so far.
To seek out out if your online business meets the factors to use for a PPP loan, go to its web site, name 844-335-8198 or electronic mail [email protected]