The purpose is to help companies pay employees' salaries. Small Business Administration (SBA) and executed by banks and other institutions. The terms of the first round of PPP loans are similar as the second round of PPP loans. 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. Abacus is actively helping the community to apply for the second round of PPP. The application deadline for the second round of Payroll Protection Program (PPP) is March 31, with a total national amount of US$284 billion. 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 check was handed to the school by Director Vera Sung and President and CEO Jill Sung of Abacus Bank (see photo). 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. Abacus Bank helped the New York Chinese School obtained the second round of PPP loanĪttorney Esq. Those who have participated and spent more than $50 at any Chinatown vendors also received a gift bag from ABNY.
#Abacus bank chinatown free#
To celebrate Chinatown’s history, help combat anti-Asian sentiments, and encourage a robust economic comeback, the Association for a Better New York (ABNY) , Abacus Federal Savings Bank, Think!Chinatown, Welcome to Chinatown and the Chinatown Core Block Association hosted a FREE event in Manhattan's Chinatown that includes a cultural walking tour, complimentary food from participating restaurants, a scavenger hunt, live music and demonstrations on Thursday, Jstarting at Kimlau Square, Park Row, New York, NY 10038.įree activities include a sampling of Asian cuisine, desserts, and tea on planned restaurant crawls a scavenger hunt with prizes the ability to experience the history, architecture, and culture of Chinatown through an audio or walking tour experience the Chinatown murals, Tai Chi classes and live music. “Meet Us In Chinatown” Event Hosted by ABNY in partnership with Abacus Bank and other Chinatown Community-based Organizations! Since COVID-19 has caused great trauma to our community, it is a great honor for Abacus obtained this SBRG and distributed to those organizations of our community. According to the program guideline, the maximum amount of this grant a non-profit organization could get is $10,000.Ībacus has distributed the same kind of Grant to a different group of organizations and small businesses in July of last year. Abacus Bank has distributed $100,000 COVID-19 Small Business Recovery Grant(SBRG) checks from Federal Home Loan Bank of New York(FHLBNY) to 10 non-profit organizations in our community.Ībacus Bank Director Vera Sung and President/CEO Jill Sung have presented the COVID-19 SBRG checks to 10 grantees.
Every year, Abacus Bank conducts several free seminars in the communities its Branches serve to help people understand the banking system and how banking can support and strengthen people’s quality of life and business growth.
Personal service is our guiding principle, from providing products that meet and exceed individual customer needs, to doing the “little things” that make your experience with Abacus a special one.Īn important part of the Abacus Bank mission is educating its communities about fundamental financial knowledge and skills. Abacus Bank In Your Community We are proud to serve the needs of our customers and our community!Ībacus Bank maintains a long standing tradition of providing financial services to our communities, combined with exceptional personal customer service, since 1984.
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