Relief for New York Small Businesses and Nonprofits with New York Forward Loan Fund

New York Forward Loan Fund 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 and NYS on PAUSE.

New York Forward Loan FundThe working capital loans provide support for businesses that are reopening and have upfront expenses in order to follow guidelines under the New York Forward Plan. The funds can be used for inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, and supplies.

The maximum loan size is $100,000. The loans are not forgivable and will need to be paid back over a 5-year period with interest.

Eligibility requirements

Small businesses:

  • Must be a corporation, partnership, limited liability corporation, or sole proprietorship
  • Employ 20 or fewer full-time equivalent employees
  • Have gross revenues of less than $3 million per year
  • Have not received a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or an Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacts their operations
  • Been in business for at least 1 year as of the date of the application
  • Be located in the State of New York

Nonprofits:

  • Organized as 501(c)(3) or faith-based organization (cannot be for support of religious worship or activities)
  • Employ 20 or fewer full-time equivalent employees
  • Provide direct services to New Yorkers for example daycare services, legal aid, food banks, soup kitchens, after school programs, senior services, educational programs, clothing banks
  • Have an annual operating budget of less than $3 million per year
  • Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations
  • Been in operation for at least 1 year as of the date of loan application
  • Located in the State of New York

Small landlords:

  • Have no more than 200 units under ownership, and no single property greater than 50 units
  • Properties must either be located in a low or moderate income (LMI) census tract or meet a rent test where property rents are affordable to tenants of low and moderate income
  • Properties must have positive cash flow for a 12-month period prior to NY Forward loan request
  • Properties must have an active forbearance agreement for their mortgage or, proof that they have not missed a monthly debt service payment in the last 12 months, and/or no active mortgage
  • Properties must be current on their property taxes through March 2020
  • Property owners must attest that they will not evict COVID-impacted non-paying tenants
  • Properties must be in good repair, with no major life and safety violations
  • Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations
  • Been in business for at least 1 year as of the date of loan application
  • Properties must be located in the State of New York

Pre-application Open

Pre-application for the New York Forward Loan Fund is open now. The applications are reviewed on a rolling basis as industries and regions reopen.

Small businesses and nonprofits that are in industries and regions that have not yet reopened are encouraged to prepare their pre-application in advance.

View complete details about the New York Forward Loan Fund and pre-application.

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