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JP Morgan Chase Customers Grateful for Paycheck Protection Loans

JPMorgan Chase has helped more than 250,000 businesses get Paycheck Protection Program loans, funding $30 Billion in loans so far and continues to process applications to help as many small businesses as possible.  The firm also made a $50 million global philanthropic commitment in relief efforts to address the immediate and long-term challenges resulting from the COVID-19 global pandemic.

Here are the stories of some of the local businesses they helped:

Camp Nabby, Lake Mohegan

With the outbreak of the coronavirus, recruitment and registration activity came to a halt at Camp Nabby. They were able to avoid laying off their full-time employees thanks to a Paycheck Protection loan.

“Our PPP loan wouldn’t have been possible without them. Our business relationship with JPMorgan Chase dates back almost 30 years. We currently have a business banker, Kathleen Doyle, who knows us, our camp and how our business operates. She was in touch with us immediately and helped us navigate the first few days and furlough our bank loans for the first three months. Now we can focus on opening camp for the summer and getting our campers outdoors again,’’ said Rita Bertino, Camp Naby Owner & Director.

 

Alberta Jarane, Owner, Mint Premium Foods and Pik Nik BBQ, Tarrytown

 Hassan and Alberta Jarane are the owners of two restaurants on Main Street in Tarrytown. On March 16th they shut down both their restaurants and furloughed their employees.

“I made a direct call to our Chase banker, Akim Jones (VP, Business Relationship Manager, Business Banking) who first introduced the idea of the EIDL and PPP programs through the SBA. He answered our calls and talked us off the ledge. Yes, the first round of PPP funding had closed, but we were in the queue and should not lose hope. We didn’t believe it and basically gave up, but Friday, May 1st, both restaurant PPP applications had been approved and funds had been automatically deposited into our accounts. Luckily, we had the support of Akim Jones and his team at JPMorgan Chase, now it’s up to us to keep the fight alive,” said Jarane.

 

Bay Berry Care Center of New Rochelle

Bayberry was among the first facilities in the New York region to be affected by the COVID-19 virus. Although they received some additional funds as a health care provider from the federal stimulus packages, the allocation for skilled nursing facilities was inadequate.

“We immediately knew that once the Paycheck Protection Program was announced, Bayberry would need to apply for the loan to carry us through this crisis. Unlike other types of businesses hurt by the economic shutdown, we are on the front lines caring for infected patients in real time. Chase’s relationship managers have been indispensable in assisting us with the application process every step of the way.  We are truly grateful for the commitment and determination they displayed to get us over the finish line,’’ said Leonard Russ, Principal Partner & Administrator, Bay Berry Care Center.

 

 

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