COVID-19 Updates and Resources

Paycheck Protection Program

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open for new borrowers and certain existing PPP borrowers. 

Ulster Savings is continuing to work with Pursuit to promote new PPP loan opportunities to those who haven’t yet taken a PPP loan. Use this link to directly learn more about what is now available. If you have taken out a PPP loan already, please continue to work directly with Pursuit on any additional opportunity or information.

Business Loans

The COVID-19 pandemic has had an adverse effect on many businesses and we are here to help our customers. Ulster Savings Bank will consider your request for loan payment relief once you submit a Business Loan Payment Deferral Request.  If you have questions or need assistance, please call 866.440.0391 Ext. 6415.

New York Forward Loan Fund

New York Forward Loan Fund (NYFLF) targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small landlords that have seen a loss of rental income. NYFLF is providing working capital loans so that they can have access to credit during these trying times. Get prequalified as funds are limited.

PPP Loan Forgiveness

Paycheck Protection Program borrowers who received a loan under $350,000 should continue monitoring ongoing communication from Pursuit regarding loan forgiveness including spam and junk email folders.

Small Business Administration

The SBA offers disaster relief in amounts up to $2 million and with terms up to 30 years. You can apply for SBA’s Economic Injury Disaster Loan using the Disaster Loan Application Portal (DLAP). 

Click here for a complete guide of the programs and initiatives offered to small business owners under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Stay Safe. Stay Healthy. We understand that unusual times can bring uncertain circumstances and we will be sending future updates when necessary. Should you find that you are in need of our support, please don't hesitate to contact us. After all, without you there is no US so we are here for you. Check back regularly to find out the latest updates. 

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