The New York Forward Loan Fund – Help for Small Businesses Is on the Way
Last Friday, before the Memorial Day holiday, New York State Governor Andrew Cuomo announced a new small business loan program, called the New York Forward Loan Fund (NYFLF). The NYFLF will provide flexible and affordable loans to help small businesses, focusing on those that did not receive federal COVID-19 funding assistance. Small businesses have faced even greater risks and received less in federal relief throughout the pandemic. Ninety percent of businesses in New York State are small businesses.
NYFLF is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak. The program targets small businesses with 20 or fewer full-time employees.
NYFLF, which launches May 26, is offering more than $100 million in small business loans. Business owners can pre-apply starting at 12:00 p.m. on Tuesday, May 26. Applications will be reviewed “on a rolling basis” as industries reopen in different regions of the state. The loans are not first-come, first-served. To qualify, organizations must meet the following requirements:
- Small businesses and nonprofits must employ 20 or fewer full time workers.
- Small businesses must have less than $3 million per year in gross revenue.
- Nonprofits must provide direct services and have an annual operating budget below $3 million per year.
- Organizations cannot have received a loan from the federal SBA Paycheck Protection Program or an SBA Economic Injury Disaster Loan for COVID-19 in 2020.
Loans will also focus on businesses owned by women and minorities. More information can be found at https://esd.ny.gov/economic-recovery-covid-19-loans-small-businesses and https://esd.ny.gov/nyforwardloans.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.