New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about economic recovery and COVID-19-related loans, funding and business counseling. See below for details about applying for the New York Forward Loan Fund, targeted toward small businesses, nonprofits and small residential landlords, and for U.S. Small Business Administration (SBA) loans. The SBA loans are part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27—and an additional $484 billion aid package signed on April 24.
New York Forward Loan Fund (NYFLF)
The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income. The NYFLF is specifically 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.
Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Pre-applications for the New York Forward Loan Fund are now open. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis.
For small businesses and, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.
Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees;
Small businesses must have gross revenues of less than $3 million per year;
Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and
An eligible small business or nonprofit must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $50,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $10,000.
SBA Subsidy Loan Program
The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans. Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans.
For SBA loans made prior to March 27, 2020
SBA loan types eligible: 7(a), community advantage, 504 and microloans.