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Real Estate & Business

CB&T reports federal COVID-19 lending results

CB&T reports federal COVID-19 lending results

Chesapeake Bank and Trust reportedly assisted more than 90 small businesses in securing federal Payroll Protection Program loans.

CHESTERTOWN — Chesapeake Bank and Trust reports that it assisted more than 90 local businesses in obtaining loans through the Small Business Association’s Payroll Protection Program, according to a news release.

The funds disbursed by Chesapeake to these businesses to help them retain their employees and maintain operations totaled just over $6 million, the release states.

Despite the well-publicized frustrations with the SBA’s guidelines and their system to get these submitted, Chesapeake reportedly had a 100% approval rate for the Payroll Protection Program applications they received.

“Our team worked tirelessly to be sure that we helped all the local businesses that applied here for a PPP loan, given the financial uncertainties these business face due to the COVID-19 pandemic. Our community bank stepped up to this challenge while many larger, non-local banks, did not,” said Glenn Wilson, president and CEO of Chesapeake.

Chesapeake is committed to providing area residents and business owners a full suite of financial products and an unparalleled level of individual service, the release states.

For more information, visit www.chesapeaketrust.com or call 410-778-1600.

Resources for Marylanders and employees during COVID-19

SBDC Webinar - Topics: EIDL and CARES (PPP) COVID 19 Loans

Monday 4/6/2020, 1:00 PM - 2:00 PM (EDT)

Space is Limited ~ You Must Register: https://mdsbdc.ecenterdirect.com/events/16175

Please RSVP with a valid email. After registering, you will receive a Zoom Meeting link to join online, or you can join via the dial-in number. This webinar will be recorded and shared, and if space fills up, additional dates will be added.

Daily SBA Conference Call – Updates (M-F) provided and you can ask questions.

3:00 p.m., Call 202-765-1264, Conf Call ID# 827-299-626

5:30 p.m., Call 202-765-1264, Conf Call ID# 310-688-488

EIDL Application Help – Daily 10:30 a.m. and 8:00 p.m. On the call, an SBA agent will walk you through how to fill out the EIDL form. Have all your necessary documents ready. Zoom Meeting # 6794772946

Paycheck Protection Program Loan (PPPL) FAQ - 

bit.ly/PPPL_FAQs

SBA COVID-19 Small Business Guidance & Loan Resources

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0

Main Maryland Business Information Site for COVID 19 updates and resources - https://govstatus.egov.com/md-coronavirus-business