Magyar Bank distributes $100 million in PPP loans
Since the start of the pandemic, Magyar Bank, with funds from the federal Paycheck Protection Program (PPP) administered by the Small Business Administration, has helped many local businesses stay open.
“PPP has truly been a boon to many of our customers – and many who weren’t our customers,” said John Fitzgerald, president and CEO of Magyar Bank, in a press release. “We went all out. We did just under 100 million PPP loans.
Fitzgerald estimates that 2,500 jobs in central Jersey have been saved thanks to the loans, mainly in Middlesex and Somerset counties.
“There’s really no way to count exactly how many jobs have been saved, but conservatively it’s 2,500,” he said. “Our customers were extremely grateful, and many of them told us that Magyar’s participation in the PPP is the reason they are still in business today.”
One client, Ellery’s Grill in Middlesex Borough, went even further. To show its appreciation to the bank, the restaurant placed an ad on a notice board in town thanking Magyar Bank.
“Magyar was delighted to process the Ellery’s Grill PPP loan, among other things we processed for local small businesses and non-profits to help them keep their doors open and employees paid. The businesses and organizations supported by Magyar have a tremendous economic impact on the community, and our bank is delighted to have been able to help through this crisis,” said Fitzgerald.
Fitzgerald also noted that since the pandemic, “we have donated over $300,000 from various sources to many nonprofits in our community. It is very important for us too.
These funds help support and improve the lives of local residents by providing grants for programs supporting education, affordable housing, youth programs, and health and social services.
“In addition to donating money, we also encourage our employees to volunteer in organizations such as soup kitchens and meals on wheels. In the last half of 2021, when people were going out again, our employees volunteered over 150 hours and we are likely to double that figure this year,” he said.