PathStone Enterprise Center Borrower.
We are all getting tired of dealing with the COVID-19 stay-at-home orders, and it looks
New York on Pause
will be gradually lifted in the coming month, but that doesn’t mean that all businesses will necessarily return to normal, as we all continue to maintain safe practices. In light of that, we are extending the COVID-19 loan forbearance for another month, while we continue to assess how best to help businesses that have been damaged by the crisis. You were not charged interest for the months of March and April and we are now extending that through May. You are not expected to make your April 1, May 1, and June 1, 2020 loan payments. The term of your loan will be automatically extended three months with your acceptance of this forbearance, so you will end up paying the same amount you have outstanding, just three months later. If you are currently behind on payments this will not affect your late status, but you will not receive an additional late penalty for April, May or June.
You can choose not to accept this forbearance and continue to make your monthly payment as scheduled and your loan will remain on its current schedule. If you do not choose to accept this forbearance simply send in your monthly payment as you normally would.
We encouraged all of you to apply for a Paycheck Protection Program (PPP) loan with a bank that you have a business account with, and some of you have done that successfully. PathStone Enterprise Center has applied with the SBA to be approved as a PPP lender, but we have not yet been approved. When we are approved, we will contact those of you who have not been successful obtaining a PPP loan or an Economic Injury Disaster Loan to see if you want to apply for a PPP loan through us.
We also have a small amount of grant money for our New York borrowers that we will provide more details about and we will send you an application form in June. We will offer the possibility of a small cash grant, loan principal forgiveness, or a new short-term emergency loan with more favorable terms. Unfortunately, the amount of grant money we have is limited, so we will not be able to help everyone at a level that we might wish. If you are not aware of the other grant funding that is available in New York, please reach out to your PathStone business development officer in Buffalo or Rochester.
As always, as you think of re-engaging your business, we urge you to follow the guidance of medical professionals to keep yourselves, your families and those you come into contact with safe.
If you have any questions for the PathStone Enterprise Center, please do not hesitate to contact me or the business development officers you have been in contact with. Please take a few minutes to complete our
COVID-19 Business Impact Survey
Hubert Van Tol
PathStone Enterprise Center
400 East Avenue
Rochester, NY 14607