PathStone Enterprise Center Borrower.
I am following up on my earlier communication with you. We initially provided a one-month forbearance for all our small business borrowers and we have now decided to extend that forbearance for another month while we assess how best to help those of you whose businesses have been damaged by the COVID-19 crisis. This means that you were not charged interest for the month of March and will not be charged interest for the month of April, and you will not be expected to make your April 1, and May 1, 2020 loan payments. The term of your loan will be automatically extended two months with your acceptance of this forbearance, so you will end up paying the same amount you would have, just two 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 or May.
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. For those who have not been successful you should know that Community Development Financial Institutions (CDFIs) were included as eligible lenders in the new stimulus package that passed the Senate yesterday and as soon as the rules governing our eligibility are published we will be able to make PPP loans, at least for our existing borrowers and perhaps for others.
If you think you will be interested in applying for a PPP loan through PathStone Enterprise Center, please take the time to review the following fact sheet and borrower application form and then either contact me or your PathStone business development officer to indicate your interest. We will then let you know when we are ready to accept applications:
You can open and download the fact sheet and the borrower application by either clicking on the following links or copying them into your browser:
As we learn more about any other assistance programs, we will provide you with further updates. 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.
Hubert Van Tol
PathStone Enterprise Center
400 East Avenue
Rochester, NY 14607