Mariner’s Bank Provides $12 Million in PPP Loans, Helping Hundreds of Businesses During COVID-19 Pandemic 

Edgewater, NJ – Mariner’s Bank (“Mariner’s”): Mariner’s Bank proudly participated in the Small Business Administration’s Paycheck Protection Program (PPP), allowing about 150 small businesses in northern New Jersey access to forgivable funding under the Program during the COVID-19 pandemic. Since the start of the Program, Mariner’s has loaned more than $12 Million with an average PPP size of $82,000.

“It was our duty to step up and help struggling businesses in the community. Through our participation in the SBA’s PPP, we provided small businesses with hassle-free access to forgivable funding. Eighty seven percent of the PPP loans we funded were under $150,000 which shows just how crippling these sweeping shutdowns were to the bloodlines of our community. That’s who needed our help, and we are happy to stand behind them, providing the tools and resources needed to make it through this challenging time” said Robert Baumann, President and CEO.

To maintain order and accessibility, Mariner’s Bank developed a dedicated team to serve PPP borrowers. “We used our team’s expertise and technology to expedite processing and successfully get funds into the hands of local struggling businesses, with turnaround times of as little as 48 hours in most instances. We are honored to have formed many new relationships and look forward to continuing to support our communities as we fight this uphill battle together” said Baumann.

The Paycheck Protection Program Flexibility Act relaxes some of the Program’s original limitations, allowing borrowers more flexibility in seeking forgiveness such as modified payroll requirements, extensions to the forgiveness period, enhanced rehiring exemptions and more. Mariner’s Bank will continue to stand behind its PPP borrowers, supporting them and monitoring the Program for further developments.

 

About Mariner’s Bank

Headquartered in Edgewater, NJ, Mariner’s Bank has six, full-service Bergen County locations. Determined to provide The Best Alternative to Big City Banking, Mariner’s Bank offers a range of consumer and commercial banking products, services and lending solutions. For more information, visit Mariner’s Bank online at marinersbank.com or by phone at (201) 224-9110.