Earlier this week, New York Governor Andrew Cuomo announced the launch of the New York Forward Loan Fund (NYFLF), a new loan program aimed at supporting small businesses, nonprofits, and small landlords in New York State as they reopen after the COVID-19 outbreak. The maximum loan amount is $100,000.
The NYFLF is available to 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, who did not receive loans under the SBA’s Paycheck Protection Program or Economic Injury Disaster Loan program related to COVID-19.
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.
Pre-applications for the NYFLF are now open. 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.
Small businesses and nonprofits that are in industries and regions that have not yet reopened are encouraged to prepare their pre-application in advance.
- 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
- Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.
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Managing Partner Joseph Milizio leads VMM’s Business and Transactional Law, Exit Planning for Business Owners, and LGBTQ Representation Practices. He is a key member of the VMM Family InstituteSM. He can be reached at email@example.com and 516.437.4385 x108.