BEDMINSTER, NJ, April 17, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Peapack-Gladstone Bank, the wholly owned subsidiary of Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC), is beginning to see its efforts to help clients come to fruition. Small businesses that applied for the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans through the Bank, are starting to receive their money.
“We’ve had employees working around the clock to process the thousands of PPP loan applications through the SBA that have come to us,” stated Doug Kennedy, President and CEO. “It’s truly been a herculean effort to tackle the process, but we wanted to be sure we were able to help as many businesses as we could before the funds ran out.”
Several local parishes, a school for performing arts, law firms, a family care facility, a pre-school and a high school, a community center and many others, all received loan approvals to support the retention of employees through this health crisis. The Bank was able to secure approvals for nearly 900 organizations overall, which has saved approximately 30,000 jobs, before the SBA funding was depleted.
As of Friday morning, the Bank has secured loan approvals in the amount of nearly $350 million for the small businesses in its communities, according to Kennedy. Unfortunately, hundreds of businesses are still in the Bank’s pipeline that did not make it through the process before funding ran out. The Bank is not losing any momentum however; and is continuing to prepare these applications for final processing and will be ready to submit to the SBA, when and if, more funds are added to the program.
Peapack-Gladstone Bank received thousands of inquiries when the SBA PPP loan program was launched at the end of March. This volume was unprecedented and represented several years of new loan volume that needed to be processed in a matter of weeks. Within days, the Bank was managing through the process and assisting clients with applications.
“We are focused on supporting our communities – we always have been – but this is an especially challenging time for everyone involved. The PPP process is not easy for the Banks or the businesses, but we feel it is our mission to do our part and make sure we help everyone we can,” Kennedy said.
Hundreds of Bank employees are involved in the process – most working remotely − and many of which who have been repurposed from their normal positions, placed into client service or processing roles, to support the cause. Bank employees are energized and understand the…