Coronavirus (COVID-19) Relief Center
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Description of Program and Relief
New York Forward Loan Fund
Empire State Development announced a new economic recovery program to support New York’s small businesses during the re-opening process. The loans will target businesses with 20 or fewer full-time equivalent employees, nonprofits, and small landlords that have seen a loss of rental income. The program aims to help offset upfront expenses required to comply with the guidelines of the New York Forward Plan. Priority will be given to industries and regions that have been re-opened, but this is not first-come, first-served and applications will be reviewed on a rolling basis.
Loans will be proportioned on a geographic basis (i.e., each region of the state has a planned percentage allocation of total loans).
The loans will not be eligible for forgiveness and will be due in five years with interest.
Government or Lead Agency
Empire State Development
Pre-applications are being accepted in regions that have already opened and will be processed beginning on June 1. Eligible applicants in regions or industries that have not re-opened are encouraged to begin preparing their application.
To be eligible for a New York Forward Loan, a small business or a non-profit must meet the following requirements:
Employ 20 or fewer full-time equivalent (FTE) employees;
Have gross revenues 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 direct economic hardship as a result of COVID-19 related measures;
Been in business for at least one year as of the date of the loan application; and,
Be located in New York State.
In addition to the above requirements to be eligible, a non-profit must also be either a 501(c)(3) or a faith-based organization and must provide direct services to New Yorkers.
The program will also support landlords in residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
List of Additional Information
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