At PathStone Enterprise Center, we remain committed to serving our clients amid growing concerns about the coronavirus (COVID-19).
Although not all businesses are being affected equally, we realize that many of you are losing income because of the COVID-19 virus emergencies and precautions that are being put into place. In order to be of assistance, we will be providing a one-month forbearance for our small business borrowers while we assess the severity of the situation. This means that you will not be charged interest for the month of March and you will not be expected to make your April 1, 2020 loan payment. The term of your loan will be automatically extended a month with your acceptance of this forbearance. If you are currently behind on payments this will not affect your late status, but you will not receive an additional late penalty for the month.
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.
The exact nature of emergency assistance for small businesses from the federal and state government is still being worked out. The SBA is offering guidance to small businesses and a disaster emergency loan that you can read more about and apply for on their web page at https://www.sba.gov/funding-programs/disaster-assistance