The COVID-19 pandemic is one of the biggest challenges in the 99 years that Ridgewood Savings Bank has been servicing our communities.
Ridgewood is taking many steps to help individual customers at this demanding time. We’re also working hard to support the small businesses that bolster our communities. One of our core values is to give back to the community by multiplying the good. That’s certainly true when it comes to assisting small businesses—the local merchants, restaurants, and service providers. Like Ridgewood, these businesses employ many people from the community. So, when we help sustain a single small business, we also help their employees who are at risk of losing their jobs.
To help small business customers stay in business, we’re working with many to borrow money through the small business Paycheck Protection Program (PPP). The program, established by Congress as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law on March 27, 2020, offers small businesses loans equal to two and a half times their monthly payrolls. The idea is to give businesses the money to keep paying employees for two months, with a little bit extra to cover expenses such as a lease or utility bill. If a borrower makes good on its promise to keep paying employees, there is a possibility that all or some of the loan will be forgiven.
To help small business customers, we’re working with many through the small business Paycheck Protection Program (PPP). The program, established by Congress as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law on March 27, 2020, offers small businesses loans up to two and a half times a company’s monthly payroll. The idea is to give businesses the funds to keep paying employees for two months, with a little bit extra to cover expenses such as a lease or utility bill. If a borrower makes good on its promise to keep paying employees, there is a possibility that all or some of the loan will be forgiven.
Ridgewood has been able to arrange PPP loans for 200 business customers so far. We encourage eligible business customers to apply for PPP loans now, while funds are still available.
Find out how Ridgewood can begin to help business customers. We suggest that business owners consider the following actions.
1. Start an application for the next round of PPP loans. PPP loans are awarded on a first-come, first-served basis to eligible small businesses. You can work with us to complete and submit your loan application now. You’ll have a head start if and when loans become available.
2. Rely on our expertise. This may be the first time you’ve applied for a Small Business Loan, but our business team is here to assist you through the process. We will go over your financials, make sure everything is in order, and recommend a course of action. You will save time and effort and avoid the trial-and-error route you might face on your own.
3. Apply for a business credit card. A Ridgewood Business Mastercard® can cover some of your expenses. We offer three choices, each offering a distinct benefit. If you successfully apply for a business credit card, you can cover some of your expenses now and pay off the credit card bill later, hopefully once your business reopens.
- The Business Platinum Mastercard ® has a competitive rate for businesses that may need to carry a balance.
- The Business Platinum Rewards Mastercard® has reward points on money spent, which can be redeemed and used for other purchases.
- The Business World Mastercard® allows business owners to earn more points on certain purchases. You can also get $500 worth of Rewards Points when you spend $5,000 on purchases in the first 90 days from account opening.
4. Ask for a period of forbearance on loans. Talk to your servicer about any outstanding mortgages you have with us. In some cases, we can consider allowing you to pause loan payments for a few months. We can discuss flexible repayment terms so you don’t have to pay back the entire amount of the forbearance all at once.
Since we first opened our doors in 1921, community and service have been the foundation of everything we do. We know that we need to support the small businesses that add to the economic vitality of our community. By working together in this emergency situation, our community will persevere. We will get through this together.