PPP is Back! Mid Penn Bank Rolls Out More Loans for Covid Aid

January 19, 2021 admin

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General, News, Press Releases

FOR IMMEDIATE RELEASE

Media Contact:

Jennifer Sherlock

(609) 369-3482

jsherlock@jennacommunications.com

PPP is Back! Mid Penn Bank Rolls Out More Loans for Covid Aid

Millersburg, PA (January 19, 2021) – The Small Business Administration announced Wednesday that it would allow all small businesses to apply for a first or second draw Paycheck Protection Program (PPP) loan on Tuesday, January 19. Mid Penn Bank helped 4,000+ businesses, and over 60,000 employees stay afloat through statewide shutdowns with the first PPP in 2020, and is gearing up for a successful second round.

The Paycheck Protection Program, initially authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was rolled out last April to help businesses survive the financial blows of the coronavirus pandemic. The program is intended to incentivize small businesses to keep their workers on the payroll instead of laying them off. Through the PPP, business owners may qualify for loans up to 2.5x to 3.5x their average monthly payroll expense.

On January 11, the SBA began accepting submissions for businesses applying through community financial institutions which lend to minority-owned, and economically disadvantaged businesses.

Mid Penn Bank President and CEO, Rory Ritrievi, said, “They are giving small banks a head start first, but by Tuesday, we will be more than ready to go. We have been working around the clock helping businesses with their documentation and preparing applications. Our teams are prepared to start submitting applications when the SBA opens to get everyone approved and funded as quickly as possible.”

The program is open to both first time PPP applicants, and to those who received a PPP loan in the program’s first round, which closed in August, 2020.

The eligibility for the second loan requires that a business “will use or has used” all of the money from its first loan. Those businesses also must have 300 or fewer employees and demonstrate a 25% reduction in gross receipts between any quarter in 2019 and the same quarter in 2020.

Watch Mid Penn Bank’s President and CEO break down the difference between the first and second round of PPP, who can apply, and more in these helpful videos: https://midpennbank.com/ppp-videos/

If you would like to interview Rory for more helpful tips or to understand the second round of the PPP further, please contact Jennifer Sherlock at jsherlock@jennacommunications.com.

About Mid Penn Bank

Mid Penn Bancorp Inc. (NASDAQ: MPB), headquartered in Millersburg, Pennsylvania, is the parent company of wholly-owned subsidiaries Mid Penn Bank and MPB Financial Services, Inc. Mid Penn Bank has been serving the community since 1868, operates retail locations throughout the state of Pennsylvania and has total assets of more than $3 billion. Its footprint includes Berks, Bucks, Chester, Cumberland, Dauphin, Fayette, Lancaster, Luzerne, Montgomery, Northumberland, Schuylkill and Westmoreland counties. The Bank offers a comprehensive portfolio of products and services to meet the banking needs of the communities it serves. To learn more about Mid Penn Bank, visit www.midpennbank.com.

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PPP is Back! Mid Penn Bank Rolls Out More Loans for Covid Aid

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