Social

Response to
COVID-19

Serving our Clients

Throughout the challenge of the COVID-19 pandemic, we have remained fully operational and committed to safely serving our clients. When local governments imposed stay-at-home orders we promptly implemented our business continuity plans. We also took steps to help alleviate the financial impact of the pandemic for Sandy Spring clients.

  • Increased services available through drive-thru facilities
  • Launched webpage to provide clients with up-to-date information about bank services, resources and federal relief
  • Closed branch lobbies to walk-in traffic and served clients by appointment to reduce the number of people in the branch at any one time
  • Established a moratorium on foreclosures and repossessions
  • Waived fees for all ATM transactions through January 31, 2021
  • Waived fees for remote check deposits for business clients
  • Waived certain penalties for early CD withdrawals less than $10,000

Many of our small business clients operate hotels, restaurants, retail properties and other businesses that have been affected by the pandemic, or work for such businesses. To help clients weather this crisis, we provided temporary payment accommodations that allowed clients to defer their loan payments without penalty.

Paycheck Protection Program

The Paycheck Protection Program, better known as PPP, is a stimulus program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small- and medium-sized businesses affected by the COVID-19 pandemic maintain payroll, hire back employees who have been laid off and cover applicable overhead.

The program allowed Sandy Spring Bank and other lenders to provide cash-flow assistance through 100 percent federally guaranteed loans to employers that would be forgiven if the funds were used for payroll and other covered expenses. Recognizing an opportunity to support our clients, we quickly developed a new technology solution to facilitate the application process and deployed over 200 employees to this effort.

As of December 31, 2020
5,445

loans

$1.1

billion

112K

jobs supported