In response to the economic impacts of COVID-19 in recent months, Gate City Bank has helped over 1,200 businesses around the region through the Paycheck Protection Program (PPP).
PPP is a Small Business Administration loan that was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides small businesses with the resources they need to maintain payroll, hire back employees who may have been laid off and cover applicable overhead.
Gate City Bank’s outreach touched 250 industries, resulting in a $42 million impact.
One of the local businesses the bank partnered with for a PPP loan was Jonny B’s Brickhouse, which will have been in business for five years in December.
“News of COVID-19 was very stressful, especially when you wonder about potential business shutdowns,” said owner Jon Beyer. “Scott Hare and the others at Gate City Bank have been wonderful to work with during such an uncertain time.”
The PPP loan has helped Jonny B’s Brickhouse maintain business operations throughout the pandemic.
“The bank has done a phenomenal job for us, especially with staying in close communication,” Beyer said. “After doing my personal banking at Gate City Bank for many, many years, I know they actually care about us as a business. They want us to be successful.”