Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).
New York State launched the New York Forward Loan Fund (NYFLF) to provide working capital loans of up to $100,000 to NYS small businesses, nonprofits, and small landlords that suffered a direct economic hardship as a result of COVID-19. The $100+ million program supports businesses and organizations as they proceed with upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) as they reopen based on New York Forward guidelines.
While New York City has not yet been cleared to reopen from NYS on PAUSE, small businesses can now complete the NYFLF pre-application and get in the queue. To expedite your full application once the region/industry is eligible, we recommend you have ready the recently filed tax returns and evidence of legal formation of business entity (Articles of Incorporation and/or bylaws) for the participating lenders.
To be eligible, small businesses must have 20 or fewer full-time equivalent employees and gross revenues of less than $3 million per year and have been in business for at least one year as of the date of loan application. Further, applicants are ineligible if they received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL).
Small business loan amounts are the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from 2019 or the first quarter of 2020. Eligible use of funds includes working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, and supplies. Interest rate for the loans is 3% for small businesses and small landlords and 2% for nonprofits, and are for a five-year term with interest-only payments due during the first twelve months. Further, no collateral is required and there are no application fees or prepayment penalties.