Business News
Community News
Irvington News


• Bookmarks: 80

May 12, 2020

When some rivertowns businesses wracked by the coronavirus pandemic applied to their banks for loans from the federal Payroll Protection Program, they found a cold shoulder rather than a helping hand.

Despite some having longtime relationships at their banks—including some of the nation’s largest—that wasn’t enough to get their loan application processed.

  • Irvington Theater Videos for Change
  • Abbott House Awards Dinner

Enter Sunnyside Federal Savings and Loan, the small community bank that has long been an Irvington institution. The federal Small Business Administration had listed Sunnyside, among other small community banks in the Hudson Valley, as an approved SBA lender loan processor for the PPP.

However, Sunnyside President and CEO Tim Sullivan was not waiting for the phone to ring. “On the first day when the PPP came out, we called our customers and tried to get a sense for how they were doing and whether they would be interested in the program,” Sullivan said. “We then reached out to small businesses that weren’t customers, people who weren’t affiliated with the bank, but we wanted them to have [the PPP].”

Sullivan estimates Sunnyside will eventually process 90 to 100 PPP loans for businesses employing a total of 750 to 800 people. Loans range from under $10,000 to as much as $800,000.

“Community banks are the whole key to this,” said Robert Reilly, an Irvington architect who got a loan from Sunnyside. “They know the people. They’re the local banks.”

The Payroll Protection Program was viewed as a lifeline for small businesses whose revenue had all but dried up when New York went on lockdown in March. The loans are made by the lending banks and guaranteed by the Small Business Administration. Businesses can secure a loan, which will be forgiven if at least 75% is used for salaries and the balance is used for items like rent, mortgages and utilities. There are no fees or collateral attached to the loans, which have a 1 percent interest if a company reduces headcount or wages.

The initial $349 billion allocated for the PPP was depleted within two weeks. Congress then allocated another $310 billion.

Sullivan wasted no time leaning into the PPP, and Diane Cricchio is glad he did.

Cricchio runs Timeline Video in Irvington, a video production company with three employees. She had been banking at Wells Fargo for 26 years, but her banker there was unable to help. Instead, she went to Sunnyside.

“I took a chance and called [Tim] on a Friday. What was so impressive, he called me back on a Sunday morning and apologized for calling me on Sunday. The loan was approved soon afterwards,” Cricchio said. “It mattered little to him that I wasn’t a customer. He was going to handle his current customer base and then handle the people in the village, so we would still be a village that had businesses.”

Cricchio now has a checking account at Sunnyside.

Julia McCue, owner of Horsefeathers in Tarrytown, had a similar experience with her restaurant’s bank of 40 years, who she asked not to name. Her lawyer had mentioned Sunnyside to her, but Sullivan got to her first, “which was awesome,” McCue said. “I can’t even tell you the relief that I had that someone cared.”

And McCue also got a Sunday call from Sullivan, although hers was at night.

For Sullivan, the weekends and long hours were as much about providing a service as it was understanding what these businesses were up against. After all, Sunnyside is a small business itself, with just 14 employees.

“It’s a busy time for us,” he said, “but people need the money.”


Share the News!
Andrea Martone - Westchester and Rivertowns Real Estate - Houlihan Lawrence agent

Election 2021: Experiences with Village Motivated Bartolacci to Seek Office

By Rick Pezzullo — When Peter Bartolacci submitted plans to construct two-tiered retaining walls in the rear and side yards...
Read More

Recipe: Farmers Market Fall Pasta

By Linda Viertel — Before everyone dives into squash recipes, apple pie baking and root vegetable roasts, take time to...
Read More

Homecoming Night a Treat for Horsemen Football Fans

By Kevin Brown — Last Friday night (Oct. 8), the world seemed back to normal at Sleepy Hollow High School....
Read More

Mercy Adjuncts Escalate Pay, Benefits Dispute

By Brianna Staudt — Picket signs and hand-distributed flyers greeted cars at the gate of the prestigious Ardsley Country Club...
Read More

Senior Captain Regalado Big Reason Dobbs Ferry Has High Hopes

By Tom Pedulla--- Jose Regalado’s father, Francisco, would not allow him to play football until he reached the sixth grade...
Read More

Sleepy Hollow Says Good-bye to Chick Galella

By Brianna Staudt — Family, friends and neighbors laid beloved World War II hero and public figure Armando "Chick" Galella...
Read More

Greenburgh’s First Town Hall Farmers Market Attracts Hundreds; Encore Thursday

By Linda Viertel — Hundreds of shoppers flowed through the parking lot at Greenburgh Town Hall for the first ever...
Read More

Former Mayor Fixell Endorses Brown in Tarrytown Mayoral Race

By Rick Pezzullo — One of the three candidates running for mayor in the Village of Tarrytown recently received a...
Read More

Five Express Interest In Developing Property Leased by Boat Club

By Barrett Seaman— The Washington Irving Boat Club was joined by four other parties in submitting RFQ/RFI (Request for Qualifications/Request...
Read More


By Brianna Staudt — Sleepy Hollow may be host to "The Legend (of Sleepy Hollow)," but locals of North Tarrytown...
Read More
80 recommended
bookmark icon