Today Governor Cuomo annouced the
New York Forward Loan Fund
aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
This $100 million dollar program targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income. It is designed to assist businesses that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.
The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan. Eight percent of the $100 million will be allocated to businesses within the Western New York region.
Pre-applications for the New York Forward Loan Fund will be open on May 26, 2020 at Noon Eastern Daylight Time
. Priority will be given to industries and regions that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.
For small businesses and nonprofits that are in industries that have not yet reopened, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available
here
. This will allow you to quickly submit your pre-application once it is announced that your industry is phased to reopen.
The NCCC Small Business Development Center is available to offer loan application guidance or to assist you with the application process. You can reach them at (716) 210-2515 or at
[email protected].
Stay engaged.
Continue to look for emails from our office in the coming days and weeks updating you on the latest reopening news and what assistance is available to help you through this difficult time. Our staff is working hard to compile a complete list of guidelines, safety protocols and programs that are available. To learn more, be sure to visit our
website
and bookmark it. Once there, look for the COVID-19 tab.
