New York Forward Loan Fund
As a reminder, the NY Forward Loan Fund (NYFLF), announced on Friday by Governor Andrew M. Cuomo, began accepting pre-applications today. The $100 million 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. 
 
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:
  • Small businesses and nonprofits employing 20 or fewer full-time equivalent (FTE) employees;
  • Small businesses that have gross revenues of less than $3 million per year;
  • Nonprofits that provide direct services and have an annual operating budget of less than $3 million per year; and
  • Businesses that have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) 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, as well as on the pre-application page https://nyloanfund.com. Contact the NCCC Small Business Development Center at (716) 210-2515 or SBDC@niagaracc.suny.edu for assistance.
Webinar to Assist with Completing the PPP Loan Forgiveness Application
Review of the PPP Loan Forgiveness Application

Thursday, May 28th
1:00 - 2:30 pm EDT
 
Under the Paycheck Protection Program (PPP) loans may be forgiven if borrower’s use the proceeds to maintain their payrolls and pay other specified expenses. The Treasury Department and Small Business Administration recently released an eleven-page borrower application form & instructions for loan forgiveness and.. people have a lot of questions !

Join us for a FREE webinar to review the application and to learn what a borrower needs to do to apply for possible loan forgiveness.

Topics include:
  • An overview of documentation required.
  • A review of eligible expense for possible loan forgiveness, what is a payroll vs. non-payroll expense?
  • The process to calculate the amount of forgiveness and how to determine the maximum amount of possible forgiveness.
  • Q&A to address your specific needs.

Training and Webinars to Help You Reopen Your Business Safely and Create an Online Business Presence
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.
Sincerely,

Niagara County Center for Economic Development
(716) 278-8750