BankOnBuffalo provides SBA Paycheck Protection Program Loans to local businesses

BankOnBuffalo has partnered with the Small Business Association (SBA) to provide assistance to the commercial community through the Paycheck Protection Program (PPP) during this pandemic. This program initially provided $349 billion nationally in loans as a direct incentive for small businesses to keep workers on their payroll.

With an overwhelming response, CNB Bank, which includes BankOnBuffalo, processed over 1,000 applications providing $177 million in assistance to business customers. BankOnBuffalo alone approved over 190 loans putting $39 million into the community. The $349 billion authorized for Paycheck Protection Program loans was exhausted as of April 16, 2020, and the SBA discontinued accepting applications for PPP loans.  Any loan applications that have received an SBA authorization number will receive an SBA guaranty.

Congress is expected to approve an additional $310 billion in PPP funding, which includes $60 billion for loans by small lending institutions who have assets ranging from less than $10 billion up to $50 billion.

BankOnBuffalo started accepting new applications April 22 from current bank customers, both borrowers and depositors, for the next round of PPP loan funding. BankOnBuffalo will monitor the volume of applications and may need to stop accepting them when it gets to the point of having three or more days of backlog.

BankOnBuffalo estimates that assistance during the first PPP round was provided to employers to protect over 20,000 jobs in our communities. In addition to funding from the PPP, other programs are still available to assist the commercial community. Information is available on the Bank’s website regarding these additional programs.

“Our partnership with the SBA’s Paycheck Protection Program enabled us to help our business customers during this challenging time,” stated Marty Griffith, BankOnBuffalo president. “Everyone in our organization rolled up their sleeves to make sure our business customers and communities benefitted from the SBA stimulus program, working long hours to process as many applications as possible during the short time the funds were available and we will do it again.”

BankOnBuffalo is here to help should COVID-19 result in a financial hardship for you. Please reach out to your local bank representative should you need assistance during this difficult time, or contact our Customer Service Center at 1-800-492-3221. Lobbies are open by appointment and drive-up hours remain open for regular business wherever a drive-up is available.

As a community bank, BankOnBuffalo, a division of CNB Bank, is being developed by local people and businesses. This local decision-making increases the level of service provided to the communities in and around Buffalo and brings growth to the entire region. More information about BankOnBuffalo or CNB Bank is available at BankOnBuffalo.bank or at CNBBank.bank.

BankOnBuffalo is moving toward the closing on the merger with Bank of Akron later this year.