News
April 13, 2020National Bank of Coxsackie closes and funds $3 Million in Paycheck Protection as of April 13, 2020
On Monday, April 13th, 2020, the National Bank of Coxsackie closed its first round of Paycheck Protection Program (PPP) loans.
Only two weeks ago, Congress passed the CARES Act to provide aid during the COVID-19 Pandemic. “I knew we had to act on this, and act fast” said NBC President James W. Warren. “Our staff worked tirelessly nights and weekends to master the program and tool up procedures to close these loans as soon as we possibly could.” NBC knew how much this funding would help business owners in their communities, and wanted to be the catalyst to getting them this relief.
The National Bank of Coxsackie was one of the first Banks in the area to accept applications for PPP loans, and uploaded them successfully to the Small Business Administration (SBA) on Friday April 3rd, 2020, the very first day allowed.
“I went to a different Bank at first—they gave me bad information and the wrong application” explains Bobby O’Brien of O’Brien Construction and Property Maintenance in Glenmont. “After waiting three days, last Friday morning I went to NBC. They had my application completed, uploaded, and approved by SBA before noon. I can’t say enough about the service and expertise of NBC staff. They’re a community bank that knows what they’re doing!”
The $3 million in PPP loans that were closed today at NBC were very different from their normal closings. Staff members that did have to interact with customers in a limited fashion were equipped with gloves and face masks as precautionary measures. “I’ve been in Banking for a long time” mentioned Senior VP Mark Maraglio, “I’ve closed a lot of loans in some unique situations. This is the first time I can say I’ve closed a loan with gloves and a facemask on.”
Human Resources Officer Nicole Bliss said “I’m tremendously impressed with how our staff responded to PPP, working thirteen days straight to provide these critical funds to customers and non-customers alike.”
National Bank of Coxsackie is still accepting PPP applications. Businesses can access the application through the Banks website, www.nbcoxsackie.com. Once completed and emailed to loans@nbcoxsackie.com, the Bank is contacting applicants within 24 hours.
Pictured here is National Bank of Coxsackie President, James W. Warren presenting Alan Palmer of Excel, Physical Therapy with PPP check.
