社区

3/3/2021 Abacus Bank helped the New York Chinese School obtained the second round of PPP loan Attorney Esq. Mr. Thomas Sung, Chairman of Abacus Bank, stated that on the morning of March 3, Justin Yu, the Chairman of the CCBA, and Jenifer Wang, the principal of the New York Chinese School, went to the Abacus Bank to collect the second round of COVID-19 small business assistance check in the amount of $75,570.00. The check was handed to the school by Director Vera Sung and President and CEO Jill Sung of Abacus Bank (see photo). During the COVID-19 pandemic, Abacus Bank was very pleased to assist the New York Chinese School along the way, and obtained the PPP loan twice, totaling $151,140. The application deadline for the second round of Payroll Protection Program (PPP) is March 31, with a total national amount of US$284 billion. Abacus is actively helping the community to apply for the second round of PPP. Our 128 customers who have received the first round of PPP loans from us represent the mosaic of the diverse and numerous small businesses that we need in order to live and enjoy our lives, including Uber drivers, restaurants, gift shops, groceries, auto repair, HVAC repair, jewelry stores, beauty and nail salons, insurance agencies, wholesale food companies, and non-profit organization like New York Chinese School. The terms of the first round of PPP loans are similar as the second round of PPP loans. PPP loans are managed by the U.S. Small Business Administration (SBA) and executed by banks and other institutions. The purpose is to help companies pay employees’ salaries. 40% of the loan amount can also be used to pay interest, rent, utilities, some operation cost and etc. Those who apply for the second round of PPP loans need to prove that their revenue in 2020 has decreased by more than 25% compared to 2019. If the borrower meets the terms and conditions, he/she could apply for the loan forgiveness within 10 months after the end of the covered period. As a result, the government will repay the loan on its behalf, and the loan will become an aid. Half of the U.S. employment rate comes from small businesses, so small businesses have a great impact on the country’s financial prosperity. In the community, most companies are small and are greatly affected by the COVID-19 pandemic. Abacus Bank is doing its utmost best to help community businesses restore prosperity. Picture: Group photo inside of Abacus Bowery Branch (Left to right: Jill Sung, Jennifer Wang, Justin Yu and Vera Sung) News Coverage:(Chinese Media) Sinovision Chinapress Singtao Daily EpochTimes