Customers Bank records 80,000 PPP loans

Customers Bank said Thursday that it has originated more than 80,000 Paycheck Protection Program loans nationwide, helping to provide payroll for an estimated 1 million employees. That includes more than 50 nonprofit organizations.

“We think PPP is very important to keep people on the payroll with healthcare so that as the economic recovery begins firms aren’t ramping up with a need to bring back workers who were laid off, or worse, hire and train new team members,” said Executive Chairman Jay Sidhu in a statement. “Keeping good teams together through this crisis will be a real benefit for the recovery.”

Wyomissing-based Customers said the average employment of PPP borrowers was about 13 team members.

Vice Chairman and Chief Operating Officer Sam Sidhu said the bank took a two-pronged approach with PPP loans:

• Capitalizing on its private banking/personal service model, working the phones to help business clients get the loans.

• Partnering with multiple fintechs to leverage their webbased application platforms to accelerate the loan process for borrowers outside the footprint and current client base.

During the coronavirus pandemic, Customers Bank said it has been working oneon-one with impacted consumer and commercial borrowers to offer forbearance and make deferments and loan modifications.

“The impact of travel bans and stay-at-home orders has been devastating to hospitality, restaurants, retail and personal service industries,” said President and CEO Richard Ehst in a statement. “We want to be with them as partners to weather this economic storm.”

The bank is also using its philanthropy to support organizations that are serving impacted families and small businesses. Pandemic related giving to date or in progress includes United Way of Berks County.===

CHRIS CARLSON — THE ASSOCIATED PRESS A closed Macy’s department store in Santa Ana, Calif. Macy’s and other mall-based chains have struggled to adapt during the pandemic.