Ulster County businesses receive $120M from Payroll Protection Program

Ulster County Executive Ryan.

Ulster County Executive Pat Ryan announced that Ulster County businesses have received nearly $120 million from the first round of the Payroll Protection Program. The funding is provided by local lending institutions and has helped to preserve over 5,000 jobs in Ulster County during the pandemic. 

“I want to thank our local banks and lenders along with our tremendous Economic Development team who have stepped up to ensure that we provide critical support to our small businesses and our workers,” Ryan said. 

Earlier this week I outlined my plan to recover, reopen and realign our local economy. To do this effectively we know we must take bold action, and work quickly and collaboratively. I’m so proud of the team effort we have already demonstrated, providing nearly $120 million in funding; now we must continue to push and work together.”  

The funding for the Payroll Protection Program came from the Bank of Greene County, Catskill Hudson Savings Bank, Hudson Valley Federal Credit Union, Mid-Hudson Valley Federal Credit Union, Rondout Savings Bank, Salisbury Bank, Sawyer Savings Bank, Ulster Savings Bank and Walden Savings Bank

“I am very proud of the Ulster Savings Bank team and our partner Pursuit as they work in overdrive to get as many SBA PPP loan requests through as possible,” Ulster Savings Bank President Bill Calderara said. “County Executive Pat Ryan has been a real partner and has shown great support and leadership to our business community during these trying times. While I wish we could help every business in our markets, we have been able to provide funding of over $35 million, which represents over 2,500 jobs in our community.” 

This is not Ryan’s first project to help residents of Ulster County during the COVID-19 pandemic. In March he launched Project Resilience, where Ulster County government purchased meals from restaurants throughout the county, and distributed them to the many municipalities in the county helping people get food. 

Ryan also has unveiled his Ulster County Resilience Economic initiative, which is to help jumpstart Ulster County’s economy, which, like many other parts of the state, have been affected negatively by the coronavirus shutdowns. The plan aims to “Recover, Reopen, and Realign” Ulster County’s economy.