COVID-19 Update

Here's the latest information on policies and procedures during the pandemic.


 


 
(February 12, 2021 Update)
 

ALL PCSB BRANCH LOBBIES WILL REOPEN ON TUESDAY, 2/16/21.


I am happy to announce that our branch lobbies will reopen for business starting Tuesday, February 16, 2021. This includes our Greenburgh and Pawling Village branches, which were temporarily closed. 

We will continue with strict social distancing protocols for those who require in-person service at our branches. I also wanted to remind everyone that we offer several options for customers to easily manage their everyday banking without the need to come inside a branch.
 
Please consider these “touchless banking” options:

  • Online Banking – We offer dedicated online banking that can be accessed from your desktop or laptop computer.

  • Mobile Banking – Download our excellent Mobile App for iOS or Android smartphones and tablets. You’ll have the ability to transfer money, pay bills and deposit checks directly into your account.

  • Curbside Banking is available by appointment. Call your local branch to make an appointment to meet a PCSB Bank representative in the parking lot to conduct your banking without coming into the branch. 

  • Drive-Up Windows are available during normal business hours at many of our locations. Click here to check Drive-Up Window hours at your branch

  • ATM’s are available 24/7 at most of our locations.

We will continue to offer those who would rather not visit a branch safe and secure alternative methods to efficiently manage their money. If you need help with any of these products or services, please contact your local branch and we will gladly assist you.
 
As always, if you need to visit a branch, we are ready to serve you in any way we can. Please check our website frequently for updates on our policies and procedures during the pandemic, especially since guidelines and protocols can change frequently.
 
The safety and security of our customers and staff will remain our first priority during these challenging times. Please stay safe and healthy as we look forward to better days ahead!

Best Regards,

Joseph D. Roberto
Chairman, President & CEO
PCSB Bank
 



(January 15, 2021 Update)

First and Second Draw Paycheck Protection Program (PPP) Loans Are Now Available

 

Dear PCSB Business Banking Customers:
 
The next round of PPP Funding is being made available – again, through the US Small Business Administration (SBA) – and PCSB will begin submitting applications on behalf of our customers starting Tuesday, 1/19/21. We already have a waiting list of customers interested in applying.
 
Below is a summary of how this round of funding will work. Please contact your local branch or your business banking representative to discuss your specific situation.
 



On January 6, 2021, the SBA released initial details and guidelines for the updated PPP Second Draw Loans. The full text of the guidelines can be found here.

PPP has been reopened with a fresh $284 billion in available funding.
Importantly, the re-started program allows new PPP loan requests from eligible businesses that didn’t obtain a loan in the initial round (PPP First Draw Loan). For eligible businesses that currently have a PPP loan or have had one previously and need additional support, the updated program allows some qualified businesses the opportunity to obtain another PPP loan, called a PPP Second Draw Loan.
 
Additionally, the updated lending program changes rules for existing PPP loans, for new PPP loans, and PPP Second Draw Loans in terms of eligibility, allowable expenses, forgiveness and more.

If your eligible business never obtained a PPP loan during the original program, the re-opened program means you can now apply for the first time but are subject to the terms of the initial program.

 
PPP Second Draw Loans

Are available to:

  • Companies with fewer than 300 employees who have already used, or will use, the full amount of the money granted to them in their initial round of PPP.
  • Sole proprietors, independent contractors and eligible self-employed individuals.
  • New:  The PPP program now includes eligibility for certain housing cooperatives, new organizations, section 501(c)(6) organizations and Economic Injury Disaster Loan (EIDL) recipients.  

Below are some notable takeaways of what to expect:

  • Public companies are ineligible to receive PPP funds.
  • Maximum loan sizes for this round are $2 million.
  • Applicants must have utilized the full amount of their First Draw PPP loan on or before the expected date of the Second Draw PPP loan is disbursed, as per SBA guidelines.
  • Revenue needs to have decreased at least 25% in 2020 compared to the same quarter in 2019. For example: Q2 2020 (April, May, June 2020 Revenue) vs Q2 2019 (April, May, June 2019 Revenue) must have decreased 25% Year Over Year. 1 Quarter is a minimum. Revenue reduction can also be the full calendar year of 2020 vs 2019.
  • Payroll can be calculated 3 ways: (1) 2019 calendar year, (2) 2020 calendar year, (3) past 12 months
  • Second Draw PPP borrowers will generally be eligible to borrow an amount equal to 2.5 times their average monthly payroll costs.
  • Restaurants, hotels, and other businesses categorized under NAICS code 72, will be eligible to receive 3.5x their average payroll.
    • These businesses will also be able to apply for a separate loan for each location, given each individual location is a separate legal entity
  • For loans above $150,000, applicants must submit documentation to substantiate a revenue reduction of 25% or more (tax forms, financial statements, bank statements).
  • Loans under $150,000 do not require this documentation at the time of application, but they will be required for forgiveness.
  • Payroll documentation required for the first draw will be the same for second draw loans.

Eligible organizations can only receive one primary and one secondary PPP loan.
 
Amounts available:
The maximum for Second Draw PPP loans is $2 million. As was the case with the First Draw PPP loans, actual loan amounts will be based on an applicant’s payroll.

When will funds start to become available?
The bill requires the SBA to establish regulations on small-business support no later than 10 days after the legislation is signed into law. The program has officially reopened and runs through March 31, 2021.

Forgiveness of loans
Borrowers are still required to spend at least 60% of the funds on payroll over a covered period of either 8 or 24 weeks to receive full forgiveness. The other 40% may be used on eligible costs, including certain mortgage expenses, rent and utility payments.
 
PPP2: New allowances for additional expenses
Under the renewed program, the list of eligible non-payroll expenses has been expanded to include four new categories, including:

  • Costs for personal protective equipment and adaptive investments that help a PPP loan recipient comply with federal and/or health and safety guidelines related to COVID-19;
  • Outlays for on software, cloud computing, human resources, and accounting needs;
  • Any spending not covered by insurance that are related to property damage due to public disturbances that occurred during 2020;
  • Spending to suppliers that covered costs essential to the business operations at the time the outlay occurred. For instance, restaurants’ purchases of perishable goods can now qualify.

 


 
We hope you find this overview helpful, but please consult with your accountant and/or tax advisor for advice on how the updated PPP program will affect your business.
 
I would like to take this opportunity to remind you that we have a variety of Touchless Banking options available as follows:

  • Online Banking – We offer dedicated online banking that can be accessed from your desktop or laptop computer.

  • Mobile Banking – Download our excellent Mobile App for iOS or Android smartphones and tablets. You’ll have the ability to transfer money, pay bills and deposit checks directly into your account.

  • Curbside Banking is available by appointment. Call your local branch to make an appointment to meet a PCSB Bank representative in the parking lot to conduct your banking without coming into the branch. 

  • Drive-Up Windows are available during normal business hours at many of our locations. Click here to check Drive-Up Window hours at your branch

  • ATM’s are available 24/7 at most of our locations.

We will continue to offer you safe and secure alternative methods to efficiently manage your money without the need to visit a branch. If you need help with any of these products or services, please contact your local branch and we will gladly assist you. We look forward to better times ahead and hope that you and your family remain safe and healthy.

Best Regards,

Joseph D. Roberto
Chairman, President & CEO
PCSB Bank


(November 2020 Update)

The coronavirus outbreak continues to challenge all of us both personally and professionally. As your local community bank, PCSB is here to provide support and help you navigate through this difficult situation. Here is an overview of everything we’re doing to help you manage your finances while trying to get through the coronavirus pandemic. Please click on any of the headlines below to reveal more information. 
 


For business customers having a difficult time making payments on their PCSB Bank Commercial Loan, we have developed a program to review your situation and help you find a workable solution.
 
Here’s how it works:

  • To initiate the process on commercial loans, please contact
    your relationship manager.


UPDATE PPP LOAN FORGIVENESS FAQ'S - UPDATED August 11, 2020


UPDATE ON SBA ECONOMIC INJURY DISASTER LOANS (EIDL) AND ADVANCES
The CARES Act also includes additional funding for EIDL, including EIDL Advances, which will be available direct through the SBA. Here are links to more information about disaster relief options for businesses directly through the SBA:

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

PLEASE NOTE THAT PCSB BANK IS NOT INVOLVED IN THE SBA EIDL PROGRAM, PLEASE CONTACT THE SBA DIRECTLY FOR MORE INFORMATION.
 
 

For our retail customers having a difficult time making payments on their PCSB Bank Residential or Consumer Loan, we have developed a program to review your situation and help you find a workable solution.

TO START THE PROCESS PLEASE FILL OUT AND SUBMIT THIS FORM – LOAN PAYMENT RELIEF REQUEST FORM
 

If you have questions or concerns regarding your Federal Government Economic Impact Payment, you can get the latest information at this link:
 
https://www.irs.gov/coronavirus/economic-impact-payments
 

ALL PCSB BANK LOBBIES ARE REOPENING AS OF THURSDAY, JUNE 11 

To do our part in practicing social distancing, PCSB Bank will reopen our lobbies to customers starting Thursday, June 11th with modified hours and safety protocals:
BRANCH REOPENING

ATMs, drive up windows and night drops are open and remain available for use.

PLEASE NOTE: Our staff will be on hand at each branch and available to customers if needed. You can walk up to the front door or call the branch for an appointment if you require in-person service.

Unfortunately, during these uncertain times scammers have stepped up their efforts to fool people into giving up their personal information. It is important to remain vigilant in protecting your personal information especially during these uncertain times. Please remember that PCSB will never call and ask you for your account, PIN or social security numbers. Please be on the lookout for unsolicited calls from fraudulent parties claiming to be PCSB Bank or some other banking authority like the FDIC.
 
Please check these links for more information on Scams:

CLICK HERE FOR INFORMATION ON SCAMS WITH CORONAVIRUS RELIEF CHECKS

PCSB offers several ways to manage your accounts without the need to come inside a branch:

 
If you haven’t already enrolled in Online Banking, please visit your local branch to register and they can help you through the process quickly.



Please be sure to check back here frequently to stay informed on PCSB’s policies and procedures during the coronavirus pandemic.
 
We’ll all get through this together!

Best Regards,

Joseph D. Roberto
Chairman, President & CEO
PCSB Bank