$130 million in Paycheck Protection Program funding approved
Wyomissing, PA. More than 740 southeastern Pennsylvania companies have received a total of $130 million under the SBA’s Paycheck Protection Program, thanks to Tompkins VIST Bank’s work to expedite the program. “Small businesses and their employees are the backbone of the local economy and key to us as a community bank,” said President and CEO Scott Gruber. “We wanted to support them so we tried to get out ahead of the curve and process the loans as quickly and efficiently as possible. We’re thankful to say these efforts have protected more than 7,000 local jobs.”
That focus required essential bank staff to work extended hours, mostly remotely, to reassure customers, explain the PPP program and process the loans. Businesses are using the loans to keep employees on their payrolls as well as cover some interest, rent and utility costs. One customer, Jeff Schatz of Schatz Electric in Reading, was especially pleased with the bank’s promptness and coordination of the program. ”I’m very impressed and very happy with how your team was in the lead on this and how promptly we were able to access funds,” Schatz said.
Since Tompkins VIST Bank’s pandemic response also required it to restrict services to drive-up, ATM, and phone and internet banking, staff also worked diligently to educate customers about electronic services.
“As an essential business, we have been able to stay open and accessible to customers,” Gruber said. “That’s why we have been doing everything possible to support them and our local economy.”