Schuyler County Businesses Receive Over $11 million in COVID PPP Assistance
Nearly 53% of employers received approvals for loans
Watkins Glen, NY – Funding is still available for the forgivable loan program for businesses to support bringing back their employees. The Small Business Administration has released information, by zip code, for PPP loans that were approved for businesses and not-for-profits. Schuyler County organizations were successful in obtaining approvals valued over $11 million dollars in Payroll Protection Program (PPP) forgivable loans. These loan monies were processed by 25 different financial institutions and approved by the Small Business Administration. There were 183 businesses or non-profit organizations approved for loans under $150,000 and 20 additional firms approved for loans over $150,000. Loans range in size from $900 to over $2 million dollars. Nearly 53 percent of the 385 establishments with employees in Schuyler County were approved for a PPP Loan. The number of jobs retained, based on the loans, equaled 1,523.
“While the COVID pandemic has had an unprecedented impact on our health and welfare, once again, as a community, we have risen to this latest challenge. It is gratifying to see such dramatic results of efforts to gain much needed financial assistance for our business community. The success of this initiative is a testament to the resilience of our businesses and the partnership with SCOPED to facilitate the access of critical resources. Thanks to these efforts our economic recovery and future outlook has become much brighter”, commented Tim O’Hearn, Schuyler County Administrator. There are still forgivable loan funds available from the PPP program for those businesses that have not yet applied. “It’s good to know that we had many businesses take advantage of it to get through the tough spot they were in. There is still PPP money available, and if there are businesses out there that still need a forgivable loan, they are welcome to contact us.” commented Judy McKinney Cherry, Executive Director of the Schuyler County Partnership.
For more information, please contact Anne Mace at 607-535-4341.