SBA Funds Help Six BNB Bank Customers
April 9, 2020
Federal Paycheck Protection Program loans have started arriving in Long Island for customers of BNB Bank in Bridgehampton. It’s only a half-dozen as of April 7, though but some of the aid is significant.
Long Island Business News reports, “A real estate developer, two law firms, a golf club, a nursery and a deli received forgivable loans ranging from $12,000 to $6 million Wednesday. The six applied for the special Small Business Administration loan – which converts to a grant if employers keep their staff employed throughout the COVID-19 crisis.”
As of Wednesday afternoon, 600 additional BNB Bank customers have reached the point in the application process where they have been assigned an “E-TRAN” number from the SBA, which means their loans – totaling about $200 million – have been approved, according to BNB Bank CEO Kevin O’Connor.
An additional 1,200 BNB Bank customers are at earlier stages of the application process. In total, the 1,800 applications in the pipeline are seeking about $550 million in loans.
More than 200 BNB employees were grouped into teams of 10 to 15 – mostly working from home – to divide up the list and get the application process started, even while the SBA was finalizing the rules throughout last week.
Read more about PPP funds in Long Island.