The Institution did receive a PPP loan, which is helping us keep our commitment to maintain all of our year-round, full-time staff. The Institution thankfully came into this crisis financially strong. We have cut back heavily on expenses but are still facing a much larger loss in revenue for 2020. To mitigate that loss, we will utilize close to 90 percent of our cash reserves in 2020. The Chautauqua Foundation's fiduciaries have also worked with us to access the endowment to the extent they can legally and responsibly do so.

Despite expense reductions, endowment help and cash reserves, the Institution will still lose millions of dollars this year. Access to debt can help, but because our charter forbids the use of assets to collateralize debt, the collateral for traditional debt is future earnings, which are uncertain at best. That is why the PPP funds, which are potentially forgivable (and if not forgiven, offered at a very low interest rate), are so important. They allow us to not take the ultimate expense reduction path — layoffs and furloughs of year-round, full-time staff.

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