PRESIDENT ’ S VIEW
New Jersey Banks Supported Businesses and the Economy
Banks played a vital role during the pandemic .
By Anthony Russo President , CIANJ
The economic impact the pandemic has had on our economy and businesses cannot be overstated . We were in dire straits faced with a healthcare and an economic crisis . The focus , and rightfully so , was to stop the spread of the virus and we thank our healthcare providers and first responders for their courageous efforts .
But when one considers the impact the pandemic has had on our economy , you only need to look back a year and no one would question that most business came to a halt . Air travel was down 95 percent , restaurants , gyms , concert venues , etc . were shuttered . The federal government did respond with a stimulus program
through the Coronavirus Aid , Relief , and Economic Security ( CARES ) Act . Businesses were offered “ forgivable ” loans through the Paycheck Protection Program ( PPP ), but Washington needed help in getting the money to the businesses so they turned to our financial institutions for assistance .
“ Businesses were offered ‘ forgivable ’ loans through the Paycheck Protection Program .”
If you talk to any business owner , it was clear their relationship with their banks was a top priority and it meant the difference whether they remained open for business . The banks responded in a gallant way by assisting companies
Advances in online banking made it easier for banks to meet their customers ’ needs when in‐person banking was impractical .
in securing the resources they needed to keep their businesses viable , not an easy task .
As we emerge from this pandemic , those bonds and relationships will continue to grow and will only be strengthened under the “ new ” normal . A second round of PPP is ongoing combined with other programs businesses can take advantage of to help in the recovery . And there is no question that there will be more of an emphasis to go “ paperless ” and to convert to more e-banking .
On behalf of businesses , we want to thank banks for the vital role they continue to play .
Photo : Getty Images / iStockphoto
Banks have been working hand-in-hand with small business owners to help them keep their businesses open during the COVID‐19 pandemic .
Photo : Getty Images / iStockphoto
Banks helped clients navigate through the complexities of the Paycheck Protection Program .
Photo : Getty Images / iStockphoto
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