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.