Industry sign banking new york forbearance agreement mobile
barish my last name - I should go visit yeah it's a really special place so special that the nuns worry because the dear feels so safe there so they're always worried you know that something's gonna happen cuz the deer are so kind of naive and go well is it so peaceful someone has their hand up Oh George Joyner okay I just promoted him all right so everybody it is three o'clock so I will get started welcome let me hit there's bill nong khai bill oh I hit record it's a miracle very often I forget and we have typically about five seconds of me hair flipping I was the recording which nobody wants to watch so we we've got this recorded and just a reminder we are on Facebook live and on also we do replay on our website so we don't get as much on the zoom as we used to a lot of people are back to work so three o'clock on a Monday or two o'clock on a Monday is challenging but we are getting a huge amount of participation in all of our programs so we're grateful to have you guys here so my name is Jennifer maher I am the chairwoman of the Putnam County Business Council and welcome to business talk back we haven't been here for a while which is good that means things have been going in the right direction my my panelists here can remember when it was just a constant 24/7 chasing news urgency urgently and it's it's calmed down quite a bit and here at least things are going in the right direction and if we all continue to wear masks and practice social distancing I'm very confident that that can continue in that direction just a couple of announcements we do we have been doing a series we partnered up with the Westchester business counts watson gateway association of realtors as well as some other business leadership organizations throughout the hudson valley to bring a series of educational programs regarding racial equality and inclusivity for for business owners also in dealing with issues with employees regarding those issues and they are running every third no I was gonna say every Tuesday but they're not they're running up the next three Tuesday's will have and then the next I'm sorry the next three Thursday's and then the next three Tuesday's if you're interested in this um again you can find that on our website Putnam County Business Council comm and we will be getting access to the replay so again you can watch it at your convenience so this morning we have this morning this afternoon we have a chock full agenda so and we want to try to end on time and very excited actually Kathleen Abel's who's not on connected me with our first speaker who is um Quay min Shuang I hope I said it right yeah perfect all right only took me 20 practices and who is the senior director of business and economic development for Empire State Development and she wants to talk to us today about a New York forward loan fund and before I turn the mic over we will then be hearing who now we consider like our resident expert on economic development finance John Schneider sign of financial and then we will go to a question and answer period and then we will get some updates from EDC eye-dea tourism and hopefully if we have time score and try to end by four so I will be keeping us on task and at that I will turn it over to you a thank you so much Jennifer and Lisa invited me to host this webinar together for the county members as well as the counties all businesses in general who are listening to this presentation or are joining us live so I represent the state of New York and so this program is sponsored through the state of New York and the governor's office as well so I just want to let you know that the resources for this program it is funded by the city of New York so I will be speaking to you for the next 20 minutes or so on the New York for loan fund so what is New York for loan fund Neera for loan fund is a new economic recovery loan program aimed at supporting your state small businesses nonprofits and small landlords as they reopen after copulating outbreak and after New York State has opened after being on pause for a few months it targets the state small businesses that have 20 of your employees which we have seen that is over 90 percent of all businesses and nonprofits as well as small landlords I may have loss of rental income in the last few months so that it's a loan program geared towards this type of businesses and it's also providing capital through the loan fund for working capital uses for up to $100,000 and it's time to support businesses for inventory marketing we're fitting for no social distancing guidelines under the New York forward plan just a reminder these loans are available to small business and nonprofits and small landlords that did not receive a PPP loan or have applied to either either loan or any other Small Business Administration disaster loan programs these loans are for five years they're not forgivable in part on hold and the first year as interest only with the four years remainder of the term straight-line amortization interest and principle repayment equally what for your remaining years so for those people who already are in the Putnam County that have reopened as well as based in for the facings I believe that all four phases are pretty much in except maybe for theatres and maybe entertainment large scale entertainment gatherings so for those who are not yet opened please visit our SD resources contact page where you find more information about how you can prepare for this application once you're allowed to reopen and also just to understand more about how the program works and what documentation do you may want to gather so that as soon as you open and you require the working capital needs then you can submit the application for underwriting with a matched lender so currently we have a hundred million dollars in the fund and we have allocated 665 percent of all loan fund for small business use and 30 percent for small landlords and five percent for nonprofit organizations so all pre applications are currently open for you to submit and you can visit WWE my loan fund com once again you can visit the pre-application @ww NY loan fund comm and put those who are still wondering whether they are ready to be opened what phases they're in and what industry are really allowed to open or not please visit this website at forward and why.com fo r w AR d NY dog of that will give you all the information through the zip code and the gneissic code for your business to see whether you are in the phase that is really allow to open them so of the hundred million dollars we have a target goal for mid-hudson median of 12% of total funds so that would be for 12 millions in total that has to be allocated to met hudson and 60% of the entire funding available has to be geared to or MWe utilization so that means anyone who declares himself a woman-owned business a minority-owned business or veteran business or lgbtq could qualify as one of the target is sixty percent of all funds to be utilized for this region so we particularly would like the help of the Business Council members who aren't self declared minority or women owned businesses to apply to the program because we really would like to carve out funding for those who were unable to we see PPP or ID alone or they have not applied to those so how do you find the application again you can go to WWN why lomfon calm and there you'll find a page similar to this one you see on the right hand side you're gonna have a top bar where you talk about the overview of the program the terms of the loan the business requirement if you do not remember what i'm tell you are doing this presentation you can go there they'll give you specific there for the type of business that you are then you may be eligible to apply you can also look at the frequently asked questions that people have submitted so far and here is where you go find a pre-application which you'll click on to actually get access to the 16 question yes and now pretty simple straightforward estimated number application form would you complete there once you complete the 16 questions that have been asked you'll be matched to one of the five community development financial institution lender they have accepted application as well as participating in a program who are these five CDFIs the our community base for small business applications you're likely to be matched with one of these four here that will be accion East National Development Council impact loan fund pursuit and true fund financial services so at the end of the sixteen question Q&A a sort of like question and answers for you to fill in you get to a portal page that says okay now you're ready to be matched and based on what you may have answered about how much you can ask for or what use is the loan for and how many years have been business what industry are in we match to one of these lenders and they will basically be there for you to to get to know but also finally to pick one out of the ones that you got match with for you to proceed with your application so for nonprofit applications you'll be matched only with either one of these two lenders a National Development Council impact loan fund or true fund financial services for small landlord you only have one choice if you get matched that will be Chimaera serration corporation which is hosted through HCl through housing community participation community corporation of the state of New York let's see so now I'm gonna go through some of the criteria for small business applicants for this program so like I said before the New York forward loan fund program is a five-year loan up to hundred thousand dollars so how do you determine the amount that you're going to submit for application and how much are you qualify for up to hundred thousand dollars well it's going to be the lesser of $100,000 or be up to the three average of your total revenue prior to coordinating outbreak so for example if last year your total revenue was $120,000 for fiscal year 2019 your average revenue is $10,000 so you would take $10,000 times 3 there'll be $30,000 so if your total revenue last year was $120,000 that means that for this application you submit to a maximum of $30,000 and if your example as a larger revenue then you can apply up to the lesser of that 100,000 or the three-month average the interest rate for small business loan and that this program would be capped basically 3% throughout the five year term like I said 12 months interest only and fire repayment period the use of proceeds are for working capital and those are typically whatever expenses you see for your type of business throughout the 1-year period that we cursed so you could also use this funds for emergency maintenance or refitting for social distance a guideline like I said before or pay property taxes additional type of utility many for special services that you may need for outdoor dining for example or supplies or extra expenses that you may have for our typical operating type of business that you run these proceeds cannot be used for refinancing so if you if you have an existing loan with a larger interest rate you cannot actually find and through this program you definitely would have to specify the use of funds we need to apply there are no application fees no collateral is required and no prepayment penalties and if you are late in your payments you will have to pay the late fees associated with the lender policies you are eligible to apply as a small business if you have fewer than 20 full-time equivalent employees have a gross revenue of less than 3 million per year and have not received a pppoe i'll alone in 2020 have suffered a direct economic hardship as result of Cobie 19 and at least have been business for one year as the date of the application and be headquartered in New York to do business so once you submit it you must determine whether you have all the ownership that or more than 20% of the business or the application they will be required to test the information provided so what type of businesses are not eligible besides the criteria of having fewer than 20 employees and under 3 million for small businesses if you own a corporate franchise for example the typical main strip businesses such as I guess most of the burger joints or any other franchise you're not eligible to apply for this program if you run a social club for a non-profit that would not be applicable French banks payday loans pawn shops astrology palm reading liquor stores my clubs adult bookstore and massage parlor strip clubs track waging facilities trailer storage arts and marijuana dispensaries if you run a winery for example if you produce wine in your region and you happen to have a wine tasting room that you actually do generate income that is eligible for this particular application so small business owner placate have to provide the following documentation when they're ready to submit you must provide a copy of your most recently filed tax return if available and required by the lender or if you do not have it please assure your internally generated income statements or other documentation that could be used to provide evidence of your cash flow schedule of ownership so we're gonna ask for personal information that includes name address social security number phone number email percentage ownership photo ID for any of the owners with more than 20% ownership and you will be required to sign off on an attestation form that will be provided by the lender and like I said you're gonna have to describe briefly how COBIT impacted your businesses as well as their job and revenues and a legal copy of your legal formation will be required and a personal credit report may be pulled if applicable once you provide these set of documents with the match lender you will work directly with the match lender for any information updates or explanations you'd like to provide I'm gonna move on to small landlords so for small landlords it's very similar to the small business terms in terms of five years up two hundred thousand dollars the calculation for how much you can apply for is based on a projected reduction in the three months net operating income based on actual losses of income for the month of April May or June since we already in July so what that means is if last year in the month of April you typically receive a hundred thousand dollars in and then collection like rental income and somehow because a lot of people weren't unable to pay you and you only collect a fifty thousand dollars you have a net loss of fifty thousand dollars for the month of April so you can apply for three times of that which is 150 thousand dollars however it maxes out the program access at the lessor or $100,000 or a small number of that so basic in this case you maxed out one hundred thousand dollars they can apply for the program assist you to qualify up to 150 but for this program you maxed out a hundred on a thousand dollars is what you should put in the application on when you actually submit the application the interest rate is the same as for the small business the landlord is capped a three percent five-year term and one first year interest only four years straight line on realization schedule same use of proceeds for working capital no boring piece nor week no collateral is required and you can prepay with our penalty late payments will be Assessor fee the eligibility for the landlords it's a little bit different for landlords you should not have more than two hundred units under ownership and no single property should have greater than 50 units these units should be located in a low or moderate-income census tract or meet a rent test where property rent are affordable to tenants of low or moderate incomes the property must have a positive cash flow for the last one-month period prior to the loan request and the property must have an active forbearance agreement in place for the mortgage or have proved that they have not missed the monthly debt service payment in the last one ones or that they have no active mortgage this particular point is to make sure that you have cash flow to be able to pay back your your alone once you actually get approved so we want to make sure that you are all ready you are in good standing prior to applicatio
or if not you already have a forbearance agreement so that we can see that the lender has asked who has allowed that you actually can extend the payment schedule so that you can continue to operate as property owner the property must be also current in your property tax payment through March 2020 and the property owner should also not evict Cova impact and on paying tenants if that is the case after receiving the funds and they should also not like they should have a good record for GUI prepares for the property that they don't want no life or safety violations in place so continuing with the documentation and eligibility for small landlords small landlords who have not received the PPP loan or ID alone can access this program they should evidence that they have suffered a direct economic hardship as we saw the koban i-team there must be in business at least for one year as the date of the application and the properties must be located in the state of New York so whatever application is submitted with the match lender any owner who owned more than 20% will have to attest to the information provided what documentation should you gather with the accountant or your team at this point before you apply please gather your most recently filed tax return your 2019 income and expense statements for the properties your property red roll show economic impact and schedule ownership for anyone who owned more than 20% or certification to be provided by the lender and also a letter of harsha that you specify how copa90 impacted your business or jobs and revenues if you need to provide the preparer and disclosure statement as discussed in the prior slide and also evidence of your legal formation as the business of entity in New York State a personal credit report report could be pulled not depending on the lender so work with the lender to make sure that your documentation is complete and they were underwrite it and either you will be funded or just qualify for nonprofits I'm gonna go through some of the specific details with nonprofits nonprofits are also eligible to apply up to hundred thousand dollars and the way you calculate the maximum of how much a non-profit should apply for is the average monthly expense times 3 so if 2019 the average average monthly expense is also $50,000 then you can apply for up to $100,000 which is the smaller of the hundred fifty thousand dollars that we have in this example and for nonprofits the interest rate is lower it's actually gonna be at two percent for five years interest only for her share of the 12-month payment and for month thirteen to sixty is straight line conversation schedule so what kind of nonprofit you use these money for they could also use it for working capital over typical nonprofit that they operate showing whatever typical expense that utilizes these funds refinancing will not be allowed for these applicants and the loan applicant is definitely required to anticipate and also write down the use of these funds when they apply same as the small business a landlord's loan Dalbar on fees no recourse is required and prepayment is not penalized for the documentation and eligibility for nonprofits nonprofits should be a 501 C 3 or faith-based organization that is eligible to apply however the funding cannot be used to support direct religious worship or activity related to worship that means that if you are providing legal aid they care foot bank services soup kitchen after-school program senior services educational programs clothing banks all those are eligible uses of these funds just not direct worship of like Sunday church services you should also have 20 or fewer full-time equivalent employees under 3 million dollars in the operating budget and have not BC PPP long or I had alone in 2020 suffer an economic hardship as direct result the coalbed been in operation for at least one year and located in the state of New York lastly for nonprofits please gather your financial statements your 990 forms if file with the IRS for 2019 evidence with the illegal formation like your Articles of Incorporation or bylaws and the certification that testing to your need for these funds and also any member who our management team of the nonprofit would be providing personal information and signing off on this request they should also provide documentation from the nonprofit board providing approval and resolution that they can undertake the undertake the loan and a brief description of how they impacted are based on COBIT on the organization as the overall as an as an example of like how big nonprofit was impacted to be able to access these funds the lender will work with each of the nonprofit applicants and whatever documentation that is additional - what's requested here it would be negotiated with the underwriter so I'm gonna hold off on the questions because I believe we're gonna have the next speaker talk first and we're gonna actually answer questions yes and just thank you so much I've already sent this out to a bunch of my landlord clients so I appreciate it very much for you bringing this to us and also if you would put your contact for information in the chat box for everybody how very helpful and thanks for sticking around for our next speaker and then after mr. Schneider goes he's we will go to the question and answers so we got come on catch us up dawn what have you been up to I have just been working to make sure that our client base is continuing to be able to not only get the funds that they need for the appropriate cash flow to continue to operate their businesses but we have begun the four eveness period right now a lot of our clients are looking to get the eight-week forgiveness period started but the typical roadblock right now is in regards to the lenders ability to begin the forgiveness process so we continue to just have them reach out to their lenders individually to see what their packages are and we're just doing the evaluation now for at an 8-week forgiveness period or a 24-week forgiveness period we have picked up a few new clients recently and I think this is good news for anyone who wasn't able to get on the first or second available PPP loan program a couple weeks ago it was extended out and now it's eligible through August 8th for applications in there it really is a probably a once in a business lifetime program where the government is giving away these grants and there's literally millions of businesses that have benefited under this with tens of millions of employees that have benefited under this so it's while the feedback we had originally been receiving from the onset was a fast sloppy implementation of a process it is understood that was going to be difficult between the federal level the state level the lenders and everybody getting on the same page to authorize one of the biggest lending programs I think ever initiated under any government or any society that I know of so we're happy to see so many of our clients have been able to not only receive the PPP funds but the Eid L loans have been flowing through as well right now we have a lot of clients who were doing analysis to see they've bounced back very quickly after they've been able to have their business pivot what their business models were and how they delivered their services we're seeing great revenues on a lot of our construction companies right now we're still having a very close eye on all of our personal care clients as well as anyone who's involved in recreation or tourism as well as food services we still keep a very close eye on that as we continue to adjust to this new business model that we live in and we just continue to try to discuss what the options are for our clients out there the ideal is still open PPP is still open to great programs one completely forgiven under the PPP possibly if you meet the criteria and the second would the eid l is money for businesses at a fixed rate for an extremely long term again a program that's never really been done and i don't think that there will ever see long term money like this available again for businesses so if you haven't had the opportunity to get in there yet you definitely should we did have a few clients who had received some communication they didn't finalize an application so they were received notification that they can reapply again now so it is definitely worthwhile if you're looking for means for cash flow to have a discussion with your accountant to have a discussion with whoever handles your management on your financials and then to at least be able to implement whatever it may be that your business needs to ensure that you're able to be successful as we come out of this kovat period of business what's your take on this loan that women just presented i think it's very nice to see that there are so many different programs coming out there that try to make money available for so many people the difficult part is with this loan you can have gone a PPP loan you can't have gone in a night alone so i have a couple clients i could think of who could benefit from it but they would be clients who unfortunately it would be phased out only because they don't meet the criteria of being in business for less than a year that's the one set of clients that we we've only had two clients really effective truly negatively where they haven't been able to get financing through any loan programs and it's because they've had such a short business life already fortunately going into business we did have very long discussions about cash flow and making sure that we had enough assets in reserves that we can ensure that we would be able to get through a good business startup but i don't think anyone ever would have predicted anything like what we started seeing in march through now but it is nice to see i know a lot of different organizations business organizations state agencies as well as federal agencies are looking to get a lot of money readily available to flow out to businesses but we still have you know presently about a little bit less than 20% of the funds from the PPP 670 astronomical numbers that we've never seen before still available so I think it's it's nice to know that money's available but I think it's also extremely important to understand the cash flow management and how much debt businesses are taking on especially when you have shorter repayment terms so I think it's more about a discussion of what you need and what's available and how you're able to implement it and sometimes it's not always about taking the money that's available but sometimes passing up on that money because it doesn't make sense for your particular business situation yeah I will probably agree with Jonathan's point of view in terms of what's the best match for your business so for example if you have access to PPP and that's what is best helping your business please do go ahead and apply to that because that like you said is we're capable and sixty percent for salary and forty percent is for working capital use but if you actually have greater needs than that and you can get a much larger amount and maybe overall it works out best for your business perhaps a hundred percent working capital only makes more sense but I will not be able to tell you which one apply but certainly work with your financial adviser like Jonathan seems like he would know about all the programs there will be a great recourse to actually talk to someone to see what's the best now agreed Thank You amen and also I have a request if if you could share the presentation and then we will attach it to our replay yeah so what I will do is I will send you to a link that has the additional resources underneath it that has a presentation of what I covered today plus the actual question they can ask on the application and also a slide on the resources where you can go to if you need some help with completing the application or even getting the documents or any other needs you may have a your small business and even want a different kind of loan that we may be offering today here but basically the SBDCs locally or the intrapreneur Assistance Center that the state also funds is able to help you with I can provide that link we get all that and apply it to the program excellent you can send it right to Lisa okay I'll do that after we talk and then something will actually happen it to it if you send it to me I'll forget okay yeah we have a difficulty connecting on the email it just seems it's just so crazy busy right now so I'm very grateful for so um this is my volunteer gig and I'm a real estate agent so the market is pretty insane I'm awesome so um so far our panelists may have some questions but so far I really the only question I see here is questioning why the not-for-profit rate is so much lower than the rate for the small businesses so two percent versus three percent I would say that for nonprofit men they're typically good grants so are the two percent debt it's already sort of different than what they typically get like they typically would apply for grants to sustain himself or to operate so I would say that this is a good resource for them but we try to make special consideration from actually Jason James just clarified he's questioning James I'm just going to allow you to talk right hold on cuz we have a couple of minutes let me get over the James cuz I'm not okay James you should be able to talk if you unmute yourself yes I'm audible yes I can hear you good okay so I'm actually worried about the allotment for nonprofits why are they only arrived 5% of course is 65 percent for a small business and except for small landlords I cannot tell you exactly how this is how the funding got to be in place so probably the people who actually funded the program has special likes or destinations and of course small businesses were the ones most impacted and there are the largest moment to creation job in the city of New York I can only tell you probably based on like what contribute to the tax payroll and all that is probably small businesses okay I just said seems a hardest part only a 34d economy compared to small business but yeah yeah oh boy okay thank you James um if anybody else Oh didn't have more let me just double check no but that was it so thank you both for being here if you can hang around for a few so because our panelists may have some questions for I mean are the rest of analysts may have some questions and I'm gonna start with Kathleen ables I think president of the Putnam County Economic Development Corporation should I mess it up Kathleen right you need to yeah you got it right I just had to unmute yay can you hear me down yeah welcome so whereas there's been a surge in virus beds throughout the United States New York particularly the mid-hudson region it's holding its own our health metrics are excellent they're nice and low just what we want them to be that being said we must be ever vigilant I mean please wear your mask I just read an article New York Times it said move everything outside move churches that side move schools outside close our city block so the kids can have classrooms outdoors and yeah it's not ideal because sometimes there's weather but we're not looking for ideal right now we're looking for adequate so that being said this is where we were at last week on Monday July 6 low youth lover suit sports are able to open and then on Tuesday July 7 phase four of four phases began for the mid-hudson region and that includes higher education which is anything above high school and also technical schools low risk outdoor arts and education including zoos gardens nature parks grounds of historic sites cultural institutions outdoor Agri tourism I was on the control call today as I am every day there was some clarification on that we're still restricted to non-essential gatherings are still restricted to 50 people so if you have an organized gathering it's gotta be 50 people or less no exceptions no exceptions for them you knees no exception for community last week the governor shut down all county fairs including the Hamburg State Fair which is its hasn't happened since World War two so that's a pretty historic event also included in phase four were indoor arts education like museums historic sites aquariums and medi
production activities so anything for the motion picture the music to the television industry to record which is something that would be very desirable for Putnam County now that New York State is a film friendly state there was some flip-flopping last week too on August 6 Andrew Cuomo issued executive order two oh two point four four that continued to pause courts it continued to pause fitness centers and it continued to pause laundry openings through all this fifth and then at the end of the week he issued executive order two oh two point four eight which allowed malls to open last Friday on July 10 so you know hold on tight hang on to your hats because things are changing rapidly and again the most important thing is for us to remain vigilant as family units or pods whatever you want to call us wear your mask be safe keep a distance and be well thank you thank you so much Kathleen I don't know how you retain all of that in your head it's very impressive he's a good update okay let's go to ill know who's also on Putnam County Business Council board and also on the board of the Putnam County Industrial Development Agency and Alan Luke knew first of all the Putnam County Economic Development Council is working here together with the EDC and tourism and stuff like that to move forward on so many things the idea is the toolbox that's offer incentives for businesses and we're certainly looking for businesses that want to come in and we're open we have opportunities through the legislative options that were available to incentivize some of these businesses through tax incentives and things like that we're moving ahead right now with the clean itit is which has been held up for many reasons during the pause but they are working forward to getting back on track and hopefully we'll see something where they'll they'll look forward to opening as soon as they can hopefully by the well towards the end of this year speaking of the IBA some people have heard that there was a an effort from Albany to have IDs from their reserve assets give out loans at loans or grants but I have to tell you that the plight of county ID a number one doesn't have any reserve assets and if we were to give out any of thing we would have had to go on to the county and take our allocation which we have not taken for this year yet and which we are trying not to use because the county itself needs the assets that are available to it so we're working with that but we won't be giving out any grants or loans for small businesses under that particular program and the Business Council is busy working on putting together its annual we used to call it legislative priorities but this year because of the disruption and where funding is going to come from and what's going to really happen they're really legislative goals and one of the things that we know we have to emphasize is our communication structures our phone cell systems and our internet access because as people become more aware of working remotely obviously bytom county is a wonderful place to live but if you need to connect there's somebody outside the county we need better telephone and internet connections and we're gonna start pressing for that so that's what we are oh the irony of your internet coming in and out as you're talking that's exactly what we're talking about yes it's true because you know even some I mean John Krauss from Tompkins Mahopac Bank is I think he's still remote you know we're not just talking about you know multi-level marketers working from home you know my Allstate tenant is still working from home and that a lot of that will continue so it is really important that we get the right business infrastructure in place to be able to support that that change so thank you thank you Ben all right and now and did you either one of you have any questions for John or um we way way mean I think that's very good yes you said all right okay so do either one of you have questions before I move on or we're good go on yes so bill if you have clients who need money under a hundred thousand dollars with the description that describe please send them to us you will believe me he's motivated projects rolling ok so last but not least not last but not least next we have Tracy Wallace who is the Putnam County Tourism director that's me hi everybody um so since we last zoomed together as Kathleen mentioned we are in phase four which was a big you know that's where really tourism can get back to get back to business and as Kathleen mentioned you know we do have outdoor sites open and and now we have some low-risk indoor sites specifically in the county magazine Oh Italian art opened last Friday they did a soft opening on Thursday and just as an aside for those of you who may have never been there it's it's an amazing venue they have a new exhibit created by artists who were quarantined at home and it's it's very very intriguing and and just beautiful to see they're also the first venue in the country they are using a technology from their partner Museum in Italy and it's social distancing technology and you have a small looks like a little small beeper they put it in a single-use pouch on a lanyard and you go with your group or your pod and so it's set for you you can stay together but if you get too close to anyone else you don't get a shot you get a little tiny vibration buzz and it's actually the first place in the country that's utilizing this kind of technology so they're reaching out to other museums and other venues and it's just a neat little side note that that Putnam is at the forefront of of something like this our restaurants are now open for indoor dining as well as outdoor dining and so we are encourage everybody to support them and as we're finally able to really welcome back visitors safely in a limited capacity and you know Putnam is really in a sweet spot because we are drive time and as tourism begins to come back to life it is druk families are taking a drive for the day they don't want to be too far from home they might not be ready to just spend the night but they want to go somewhere they want to get out in the country they want to do something safe outdoors is considered as Kathleen also said the thing to do so our bike trails and hiking trails breakneck is open again some of the trails are only open during the week because they're being overrun on the weekends but but we are really waking up and and out there again well think welcoming visitors and Bill to you do you know if the hotel is open so tell is definitely open so they're they're open and you know waiting now they're available and set up to anything they've been working with essential essential workers and stuff like that during this whole period yeah so more exciting things to come on that thank you also and Jonathan so so the monastery is still closed I had reached out to them on on Friday to see what was going on out there because I think we could all use a serenity trip but they're they're not they're not taking visitors in yet yeah they're there after they had that um that food poisoning thing there even though I think the folks are they're living again and they're studying but they're just not open to the public yeah there are doing some zoom they've been doing great ones they've been doing a lot of good zoom or good stuff so much Tracy and before I go over to George I have Kathleen and if I missed it I'm sorry did you mention anything about the Board of Health New York State Board of Health coming out with the fines for individuals and businesses not wearing Mouse I didn't mention anything on that because I really haven't read that much about it you know I think you're starting to use high profile signs because people need to be in compliance and there have been a surge in the number of complaints going to the Health Department some of them are just here saying a lot of them involve a bars and restaurants and it's not so much the business owners who are it's the patrons you know so similar to what you see in New York City and the governor shut that down in a hurry you know postponed indoor dining so again we need to be very vigilant so and I talked to Sean rogue Anonymous almost a daily basis sometimes several times a day so uh clarify that with him when we speak next that would be great and I'm just wondering if there's a heavier level of enforcement going on and I did just read about a deli in Dutchess County having to close down due to a cluster so we can't you know as I stayed in the beginning Kathleen stated again I'll say it again social distancing is is probably even more important because Oh getting reopened closed and then reopen again is going to be about a million times worse than you can ever imagine so it's really important for everybody to continue social distancing and I'm wearing masks so Thank You Tracy great job both you guys I'm bill so last but not least we have George Joyner from scores George thanks Jay and you know that was a great presentation earlier you know I think women did a great job on it and thank you women and it's time an interesting program I think it's a the forward loan program is interesting and that it hits a specific niche that hasn't been served and I think it will help specific folks a lot especially those that weren't able to get the PPP and the Eid L we're seeing a lot of I'll just say rubber meets the road type activity now that we are opening on phase four and more and more businesses are coming back online and a lot of businesses are experiencing the fruit of their planning or lack of planning as as they open up it's an interesting time we're working more and more with clients who have who are really looking to not just pivot but change their business model dramatically as it becomes [Music] seemingly evident that the marketplace that they were originally planning to return to isn't there anymore you know an example would be a yellow company that does concerts I am waiting for phase four to open up so we get back into the concert business and manage them and you know that doesn't look like it's a great business to be in for the next two or three months and people are making significant changes which though is good because they're able or were able to preserve some cash and use some of the cash from the PPP program or the ideal programs to help them negotiate that change and just reorient their direction which has been fabulous one note which I sent to Jen this morning I had only received it from the SBA is that while the e IDL program is continuing vigorously as it has they have stopped the advance component of that program if you recall when you apply for any idea alone you can also apply for an advance which if granted became a grant rather than advance it did not have to be paid back unless you happen to get a PPP loan as well that component of the ideal for ideal program has been stopped funding has been exhausted and so the e IDL still exists but the if you will free advance or the grant component has disappeared still it's a terrific program there is a fairly substantial amount of money left as there is with the I deal with the PPP program you've got about three three and a half weeks left in which to apply for a PPP loan and you know we're trying to encourage businesses to assess their needs and if that's appropriate solution act on it the the lenders or the banks if you will as agents for the SBA and Eydie ell programs are becoming very responsive turnaround time is very fast amazingly so with a couple of the clients I've worked with literally in less than a week from application to fund receipt which is pretty impressive and you know I think the key is to continue to assess the future as best you can and accommodate to the new world that's what we're living in and I don't know that that's going to revert back to the old world soon if ever and so thinking out of the box and trying to use your crystal ball as best you can is critical these days and solicit the help and advice of organizations like Jonathan's and all it's a great resource and you know we wish everybody the best of luck and success and that's kind of where we're at right now great thank you so much George on Lisa Kathryn our communications director is on here Lisa do you have anything that you'd like to say before we wrap up no I appreciate the comments from everybody as you know Jen we're just focusing on huh helping our members to rebuild right now and you know we want to support tourism we want to keep the money in the county so anything that we can do together with Tracy I think is is great a great crane oh great okay well everybody thanks for tuning in and thanks for people at home that will be watching this later tomorrow next week or whatnot any questions we will include all the contact information so that you have access to go directly with any questions that you may have I was really happy to see two banks on the call today that's great I'm a back bank and Hudson Valley Federal Credit Union we're both in the house so thank you for tuning in and I will talk to you all real soon and if you need any assistance with anything regarding reopening your business or any concerns or questions or you're struggling getting PP e please reach out info at Putnam County Business Council comm and our website probably has the answers or the most relevant updated source of answers as well and that is Putnam County Business Council dot-com we also are after almost a two-year hiatus of bringing on new members we are actually in in a membership drive mode just so that we can keep up the momentum of supporting the businesses the way that we have through this Kovach crisis I think businesses are going to need as much support as possible going forward and obviously a lot of that was also thanks to the team that is on the call today but Business Council has really been here and servicing businesses 24/7 we did beforehand however we've really kicked it into high gear so we do have a membership level that starts at $50 because we are aware that you know there's some businesses that have thrive there are unfortunately some businesses that have closed and some businesses that have cash flow issues and even at the $50 level if that's something you don't think you can afford right now but you would like membership benefits you can reach out to me directly and that's Jen chieh enn at Putnam County Business Council comm and I'd be happy to work something out with you so sayonara everybody and thank you all so much and make sure everybody gets out and some sunshine today and thanks a lot have a great week thank you passports are f-cove it all right that's not possible you have hope we'll try to get out in New York that would be good O'Malley odd Wow I'm sorry to hear that James so hopefully you will be feeling better real soon and if there's something we can do for you please reach out
