Posted on Apr 20, 2020
Where you bank matters.
Small and local businesses have been tremendously impacted by the COVID-19 pandemic. With having to pivot their services or shut down entirely, it’s been a struggle for many to provide paychecks to their employees.
When ACNB Bank learned about the newly created Paycheck Protection Program (PPP), established by the CARES Act, we knew we needed to take immediate action and be there for our community. The PPP prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
This program, implemented by the Small Business Administration (SBA) with support from the Department of the Treasury, provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The required guidelines and procedures for banks were published and changed right up to the program launch; system outages occurred as the entire nation attempted to gain access; and an unprecedented response poured in.
Nevertheless, ACNB Bank’s lenders and support teams were up to the challenge.
In just two weeks, ACNB Bank processed over 800 SBA PPP loans for small businesses in our local communities. These funds represent jobs and needed income for families.
“With first-come first-served funding, we knew it would be critical to act fast to help as many of our customers as possible. Everyone in the country was applying for the same funds,” said Douglas A. Seibel, EVP/Chief Lending & Revenue Officer. “We’ve heard so many stories from businesses affiliated with bigger banks that weren’t able to talk to their lenders or get answers to their questions. Community banks, such as ACNB Bank, value the relationships built with customers and take great pride in providing the best products and services available in a timely manner.”
Community banks have long been a partner and a champion of local businesses. These shops, restaurants, service providers, and entrepreneurs keep our communities unique and vibrant. To community banks, customers are not just an account balance or part of the bottom line --- they are our neighbors, friends, and family.
“It’s our responsibility to help support our business community,” said James P. Helt, ACNB Bank President & CEO. “We’ve weathered a lot of storms in our 160-year history --- from economic booms and busts, to peace and war, to rapidly changing industries and technologies. One thing that’s remained constant is our commitment to our customers.”
As of April 16, 2020, SBA PPP funds have been exhausted. ACNB Bank continues to provide valuable financial products and services to our customers affected by the COVID-19 pandemic. For more information, resources, and updates, visit ACNB Bank’s COVID-19 Resource Page.