24 LONGISLANDPRESS.COM • MAY 2020
VIRAL LENDING
ESSENTIAL FINANCE WORKERS
While much praise has rightfully
been heaped upon healthcare heroes
on the front lines of the coronavirus
pandemic, treating what ails the
economy as businesses begin reopening
are unsung essential workers:
bankers.
In addition to the $2 trillion federal
COVID-19 relief package that granted
assistance in March to businesses, individuals,
and localities, many banks
and lending institutions are offering
various forms of forbearance — penalty
free deferred payments, interest
only payments, and more — to help
their customers stay afloat during the
unprecedented turmoil.
“There's a whole host of capabilities
that both individuals and businesses
should avail themselves of,” says
John Buran, president and CEO of
Uniondale-based Flushing Bank. “If
you think you’re gonna have some
difficulty, contact your bank as soon
as possible because they can help you
through it with a variety of useful
programs.”
The bank was among those
that helped dole out a
combined $349 billion nationwide
as part of the
Paycheck Protection
Program (PPP) made
available to help small
businesses keep their
workers employed through
the Coronavirus Aid, Relief,
and Economic Security
(CARES) Act. Flushing is
currently processing $800
million in relief requests.
“These are unprecedented
times and we recognize
that small businesses
in our market
are struggling to
manage through this crisis,”
Buran says. “Small
businesses play an important
role in the economic
health of our local
communities and
will be vital to our
economic recovery.
As a community
bank, it is our
job to partner with
small businesses in
our communities to
provide support when
it is needed most.”
He expects the second
round of the
PPP, passed in late
April, to get depleted
about as quickly as
the first round did,
but Buran noted that
there are additional
programs available
for small and midsize companies,
such as the Main Street Lending
Program.
“The Federal Reserve is going to provide
liquidity to encourage banks to
offer loans to slightly larger companies,”
he says. “There's $600 billion worth of
liquidity for these types of loans that
they’re putting out.”
As for Flushing Bank itself, like many
banks, several of its two dozen branches
are closed, those that are open are
by appointment only, most employees
are telecommuting, and customers are
encouraged to do their banking online,
Buran says.
He adds, “It's important that if you’re
a business, before you miss a payment
on your business loan, contact your
bank.”
-TB
PRESS BUSINESS
John Buran, president and
CEO of Uniondale-based
Flushing Bank.
CANCER
HASN’T
STOPPED.
So neither have we.
Cancer treatments can compromise
immune systems, making cancer patients like
Victoria even more vulnerable to COVID-19.
We need your help to keep critical support and
resources available during this crisis.
Please donate today at cancer.org
Victoria, Cancer survivor
Did you know that:
• 1 in 4 NYC residents cannot read above a 4th grade level
• Two-thirds of students who cannot read proficiently by the
fourth grade will end up in jail or on welfare
• Illiteracy costs $232 billion a year in health care costs
The American Medical Association estimates that 46% of adults
cannot read and follow medical instructions, incurring medical
expenses that are up to four times greater than patients with
adequate literacy skills
• 90% of high school dropouts are on welfare
• Price is the #1 barrier to book ownership
It All Starts With A Book
www.thebookfairies.org
www.facebook.com/TheBookFairies/
70 N Main St., Freeport, New York 11520
(Behind the back of the building)
516-557-6645
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