June 30, 2020
Hello PathStone Enterprise Center Borrower:
As the COVID-19 stay-at-home orders are gradually being lifted we understand that many of our borrowers still find their business in a very precarious financial position. In light of that, we are extending the 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, April, and May and we are now extending that through June. You are not expected to make your April 1, May 1, June 1, and July 1 2020 loan payments. The term of your loan will be automatically extended four months with your acceptance of this forbearance, so you will end up paying the same amount you would have, just four 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, June or July.
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 it now appears that we will be approved just as the program expires on June 30th. It is our hope that Congress will extend the program, and if they do so we will be in touch to see if you want to apply for a PPP with us.
We also have a small amount of grant money for our New York borrowers. Our staff has been contacting all of you to determine what kind of assistance will be of most use to you as we emerge from the lockdown. We will offer the possibility of a small cash grant, loan principal forgiveness, a loan restructuring, 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 contact at PathStone or visit our COVID-19 Resources page on our website and look view alternative COVID-19 Small Business Financial Assistance.
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.
Hubert Van Tol
PathStone Enterprise Center
400 East Avenue
Rochester, NY 14607