Orrstown Bank EVP Bernstein joins Trump for address on small business recovery efforts

Orrstown Bank brass met with President Trump and several industry leaders at the White House Tuesday afternoon for a presidential address regarding the turbulent economic conditions that are leading small businesses to turn to the Paycheck Protection Program (PPP) and other federal loan programs.

“Every job is life-sustaining for someone, and the PPP is saving the livelihoods of those in our community,” Orrstown Executive Vice President and Chief Retail Officer Luke Bernstein said in his remarks to the nation Tuesday.

Since the first round of the PPP launched on April 3, financial services institutions approved 14 years’ worth of loans in 14 days, according to officials with the Small Business Administration (SBA), the federal agency responsible for overseeing the program. After the PPP fund ran dry two weeks after going live, President Trump approved $310 billion for the program, allowing banks like Orrstown to continue approving PPP loans.

At Tuesday’s address to the nation, Bernstein was the only representative from the financial services sector to speak on how the federal stimulus has impacted small businesses. In his address, Bernstein said Orrstown approved approximately 1,500 PPP loans in 14 days, totaling $370 million.

“In those two weeks, Orrstown processed more loans in total amount than we did in an average year last year,” Bernstein said. The loans reflect the 101-year-old community bank’s commitment to main street businesses, he said.

“We’re helping pizza shops, delis, healthcare workers, repair shops and countless others get access to these funds,” he said. “We want to thank you, Mr. President, for your leadership during this extraordinary and unprecedented time…You have unleased the innovation of private industry and we are going to respond.”

Treasury Secretary Steven Mnuchin said the new round would include provisions to prevent big businesses from rigging the PPP in their financial favor.

“Any loan over $2 million will have a full review for forgiveness before they’re repaid,” Mnuchin said.

For any business waiting on an Economic Injury Disaster Loan (EIDL) from the SBA, Mnuchin directed small business owners to the IRS website, where they can check on the EIDL loan status.

“The combination of the direct payments, the PPP, the disaster loans and the enhanced unemployment insurance is the investment that the president has made in American business and American workers,” Mnuchin said.

Also in attendance at the White House’s address Tuesday were:

• Amy Wright, CEO and founder of Bitty & Beau’s Coffee in Wilmington, North Carolina
• Michael Heup, an employee at Bitty & Beau’s Coffee
• Tony Stafford, chef and founder of Ford’s Fish Shack in Ashburn, Virginia
• Mark Underwood, an employee at Ford’s Fish Shack
• Chris Stansbury, co-founder and partner of West Virginia Eye Consultants in Charleston, West Virginia
• Jackie Krick, president and founder of ECU Communications in Manassas, Virginia
• Brandon Hutson, founder of Ed and Jim’s Body Shop in Parkville, Maryland
• Tisa Clark, president and CEO of J.D. Clark Professional Services in Upper Marlboro, Maryland
• Ali Mills, executive vice president at Plum Contracting in Greensburg, Pennsylvania

Editor’s note: This post has been updated to reflect the correct amount of funding approved under the second round of the Paycheck Protection Program, $310 billion, not $350 billion as originally stated.