Century Savings Bank has provided much-needed relief to many local small businesses and non-profits struggling to keep their workers employed amid the COVID-19 crisis and economic downturn.
From April 3 through 16, Century secured more than $27 million of vital Paycheck Protection Program (PPP) funding on behalf of local applicants—funding that will enable 175 distressed South Jersey businesses and non-profits to continue the employment of what could amount to thousands of people in the upcoming weeks. The bank has already disbursed most of that money to borrowers.
The Paycheck Protection Program is a key small business relief component of the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Said David J. Hanrahan, president of Century Savings Bank: “As a community, it’s essential that we all do our part to get through this crisis together; and as your community bank, we’re embracing the opportunity to help lessen the negative impact this crisis is having on so many.”
The Federal Treasury announced that beginning April 3, 2020, most small businesses and non-profits could begin submitting their Paycheck Protection Program applications. On April 16, the Treasury announced that the PPP funding was exhausted. As a result, Century is no longer accepting PPP applications.
For additional information regarding Century’s COVID-19 response and assistance for small businesses, visit centurysb.com or call the bank’s lending department at 856-690-9105.