WWW.QNS.COM RIDGEWOOD TIMES MAY 21, 2020 17
Ridgewood Savings Bank: We’re Here for You During COVID-19
The impact of the COVID-19 pandemic
is unprecedented in our community. It
is challenging our health and lives, our
businesses and jobs, and our economic
security. It is at times like these that
Ridgewood Savings Bank, a mutual
savings community bank, takes its
obligation to you and the communities
we serve to heart.
Ridgewood is participating in the
federal Paycheck Protection Program
(PPP) to support small businesses,
which are essential parts of a
community’s vitality. Small business
owners run the corner deli, the
local barber shop, the dry cleaner’s,
and many more enterprises. These
are businesses that provide jobs,
conveniently deliver needed services,
and connect people to one another.
PPP loans were designed by Congress
to specifically help keep smaller
enterprises operating and paying
their employees during the pandemic.
Therefore, Ridgewood is helping to
mitigate the economic impact of the
pandemic by arranging PPP loans
to support eligible businesses in the
communities we serve.
As of mid-May, Ridgewood had
arranged $11.5 million in PPP loans to help
more than 200 small business customers
weather the COVID-19 pandemic and
keep people on the payroll. Businesses
received an average of $58,000 each.
Under PPP loan terms, small businesses
can borrow an amount equal to two and
a half times their monthly payrolls. The
money is enough to pay employees for
two months and leave a little bit extra
to cover expenses such as utility bills or
equipment leases.
Under the terms of the program, there
is a possibility that the borrower will
not have to pay back the loan if the
Managing Your Finances
Just Got Easier.
Money Management (MX), free with a Ridgewood Savings
Bank checking account, is an easy-to-use digital tool that
allows you to do it all.
Track your spending Set savings goals
Create a budget Manage debt
Open a Ridgewood checking account today and start using
Money Management (MX) from your phone, tablet or computer.
Visit www.ridgewoodbank.com/checking to get started.
Member FDIC
Equal Housing Lender
Products and services subject to change.
© 2020 Ridgewood Savings Bank
business meets certain requirements.
One important requirement is that the
borrower has to keep employment at
the same level it was pre-pandemic;
otherwise some or all of the loan may
not be eligible for forgiveness.
“Our business team makes sure every
PPP loan applicant understands the
terms of the loan, and what they need
to do to ask the government to forgive
the loan,” explains Anthony Simeone,
Executive Vice President and Senior
Lending Officer at Ridgewood.
The good news is that Ridgewood is
still currently making funds available
to community businesses, and
invites owners to apply to receive
this assistance. “Everyone has to pull
together to get through COVID-19.
We’re doing our share,” explains Leonard
Stekol, CEO, President, and Chairman of
Ridgewood Savings Bank.
To find out if your business meets
the criteria to apply for a PPP
loan at Ridgewood, please visit its
website, call (844) 335-8198, or email
businessbanking@ridgewoodbank.com.
Ridgewood also invites you to view its
extensive PPP video library.
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