County Executive Pat Ryan announced Saturday that Ulster County businesses have received nearly $120 million from the first round of the Payroll Protection Program (PPP). Ryan said the loans, administered through local lending institutions, has helped to preserve over 5,000 jobs in Ulster County.
The funding through the Payroll Protection Program came from the Bank of Greene County, Catskill Hudson Savings Bank, Hudson Valley Federal Credit Union, Mid-Hudson Valley Federal Credit Union, Rondout Savings Bank, Salisbury Bank, Sawyer Savings Bank, Ulster Savings Bank, and Walden Savings Bank.
Ulster Savings Bank President Bill Calderara, quoted in a release from the executive’s office, said his bank has provided funding of over $35 million.
Several local business owners were also quoted on the program.
“Sometimes you really think you’re on your own as a small business, but one of the positives of this situation is that so many people have come together to protect what we all have,” PPP Recipient and Owner of Garvan’s Gastropub Garvan McClosky said. “From fellow restaurant owners to accountants to chambers to our bankers that, for the first time, I really feel part of the bigger business community, all in it together.”
“With the detailed information that the Ulster County Department of Economic Development provided through both emails and online meetings, and excellent assistance I received from the Manager at Key Bank, everything was a success, resulted in providing my company with the loan we needed to continue payroll and associated costs over the next 8 weeks; the loan proceeds were promptly deposited into our account,” PPP Recipient and President of Stewart Associates Cheryl L. Stewart said.
“I want to thank our local banks and lenders along with our tremendous Economic Development team who have stepped up to ensure that we provide critical support to our small businesses and our workers,” County Executive Pat Ryan said. “Earlier this week I outlined my plan to recover, reopen, and realign our local economy. To do this effectively we know we must take bold action, and work quickly and collaboratively. I’m so proud of the team effort we have already demonstrated, providing nearly $120 million in funding; now we must continue to push and work together.”