KS Bank assisted 327 business customers with funds from the SBA Paycheck Protection Program (PPP), established due to the COVID-19 pandemic. Thirteen KS Bank employees worked extra hours to meet the demands of applying for these loans so our customers could receive the funds for their employees. As a result, 4,020 jobs are impacted with these loans. Approximately $30 million in PPP funding was received by KS Bank business customers which funded an average of 12.29 jobs per loan.
“Without the exceptional assistance of KS Bank and their staff, CEA would have never been able to secure funding through the PPP program. Not only did they make the process easy to understand, they stood by our side from the initial application all the way through final funding. I have been totally surprised when reading stories detailing the difficulties and challenges that other companies have had in getting the funding, especially when compared to the ease that we had using KS Bank”, stated Steve Yauch, President, Carolina Electronic Assemblers.
Harold Keen, President & CEO, said, “We are thrilled to be able to help this many people with the PPP loans. The economic impact of the coronavirus has been significant and the funds will assist businesses as they pay their employees, even though businesses have not been able to operate as they did before the pandemic.”
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
KS Bank is a locally owned and operated community bank with nine retail locations in Johnston, Wake, Wilson and Wayne counties.