Somerset Trust Company Helps Sustain Local Businesses through Payment Protection Program
Published on May 13, 2020
Somerset, PA (May 13, 2020) – When passed on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allotted $349 billion in emergency loans to support small businesses impacted by COVID-19 through the Paycheck Protection Program (PPP). This program provides federally guaranteed loans through the Small Business Association (SBA) at a low interest rate, some of which may also be forgiven. This program represents a vital lifeline for local small business owners to help manage payroll and retain employees while non-essential businesses are under a mandated closure.
As of the writing of this press release, Somerset Trust Company, an independent community bank with more than $1.3 billion in assets, is pleased to report that we have processed nearly 1300 PPP loans totaling $150,000,000 in critical funding for business and their employees in our area. This critical funding will help to protect 18,500 jobs throughout our region. The bank is committed to helping businesses of all sizes, with loans issued for as little as $270 and as large as $5.8 million. Our commercial lending team has been working tirelessly to help process these applications as quickly as possible. Their average turnaround time from application to approval is 24 hours.
“We are still getting applications,” said Somerset Trust President Jeff Cook. “Many businesses in this area are going to need this to survive.”
When the SBA system crashed in early April due to the high volume of applications it received, Somerset Trust employees volunteered to work late evenings and weekends to re-submit applications to the SBA.
“Our process and our team’s approach to putting in long hours to take care of the customer made all the difference,” commented Sr. VP & Sr. Loan Officer John Malone.
The PPP funding was issued in two installments. The first rounds of submissions began on April 3rd. Then, in response to the overwhelming demand, Congress approved an additional $320 billion of funding on April 23rd, prompting a second wave of applications.
“The program still has funding available and we have the ability to process these requests very quickly. We take great pride in helping small businesses and will help both customers and non-customers who may need assistance” said Malone.
About Somerset Trust Company
Somerset Trust Company is a community bank headquartered in Somerset, Pa. with more than $1.3 billion in assets, and a network of 39 branches serving Somerset, Cambria, Fayette, Westmoreland, and Bedford Counties and Garrett County, Maryland. The bank offers an extensive ATM network, consumer and commercial lending, Trust and Investment Management services, and an award winning online and mobile banking. Since 1889, Somerset Trust has been committed to providing excellent service and competitive products as well as maintaining a high profile in the growth and economic development of the markets it serves.