The NY Forward Loan Fund, a $100 million fund created to assist the state’s small businesses with economic recovery, is accepting pre-applications.
Small businesses, nonprofits and small landlords are eligible to apply as they reopen after the COVID-19 outbreak and “New York State on PAUSE.”
The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.
The fund is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with the state’s reopening guidelines such as inventory, marketing, refitting for new social distancing guidelines that are required under the New York Forward Plan.
Priority will be given to industries that have been reopened. Applications will be reviewed on a rolling basis as regions and industries reopen, and seek to target:
n Small businesses and nonprofits employing 20 or fewer full-time equivalent employees;
n Small businesses that have gross revenues of less than $3 million per year;
n Nonprofits that provide direct services and have an annual operating budget of less than $3 million per year; and
n Businesses that have not received a loan from either SBA Paycheck Protection Program or SBA Economic Injury Disaster Loan for COVID-19 in 2020.
The program is not a first-come, first-served loan program. Program information can be found on ESD’s website, https://esd.ny.gov/nyforwardloans-info, and the pre-application page, https://nyloanfund.com.
All applications will be accepted online.