Orange County businesses have received or will receive more than $200 million from the first and second rounds of the Paycheck Protection Program (PPP).
“Small businesses are the backbone of Orange County’s economy and I’m glad that our team has assisted businesses in securing these critical funds,” Orange County Executive Steven M. Neuhaus said in the press release announcing the figures. “The men and women who run these businesses are our friends and neighbors, and when they thrive, our communities are better for it. There are many benefits that came through this last payment package that can help a business to re-open up its doors and that's what we to see happening all around Orange County.”
At the direction of Neuhaus, the county’s Director of Tourism, Amanda Dana, Economic Development Director Bill Fioravanti and Director of Employment and Training Steve Knob, in collaboration with Lynn Cione, president and CEO of the Orange County Chamber of Commerce, pooled their offices' resources to work with small businesses seeking PPP assistance. The funding, provided through local lending institutions, has helped to preserve approximately 20,000 at-risk jobs in Orange County.
The funding numbers through the PPP came from a variety of local and regional banks, including Orange Bank and Trust Company, Lakeland Bank, M&T Bank, Mid-Hudson Valley Federal Credit Union, Riverside/Salisbury Bank, Ulster Savings Bank, Walden Savings Bank, Rhinebeck Bank, Key Bank, Empire State Bank, Sterling Bank and Wallkill Valley Federal Savings and Loan.
“ has a long and impressive history of leadership in promoting businesses and continues to lead our economy during this incredibly challenging public health crisis,” said Michael J. Gilfeather, president and CEO of Orange Bank and Trust Company.
“By assembling an economic development task force, County Executive Neuhaus has not only provided assistance to small businesses," said Michael J. Gilfeather, president and CEO of Orange Bank and Trust Company, "but has also worked with the financial institutions as we navigate through the Paycheck Protection Program.”
The Paycheck Protection Program is a federal loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For more information about the program, go to www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
“County Executive Neuhaus has done an exemplary job keeping the public and small businesses aware and informed about latest updates during this crisis,” said Sean Donnelly, co-owner of Fox N Hare Brewing Co. in Port Jervis. “His economic development team was extremely helpful during the process of acquiring a PPP loan. They conducted meetings with us and checked in regularly to offer help, which was very reassuring and much appreciated.”