The $100 million New York Forward Loan Fund, which the Cuomo administration created to assist small businesses that have not received federal Covid-19 stimulus funds, will start accepting pre-applications today.
The fund is particularly geared to help minority- and women-owned small businesses. But, generally speaking, eligibility is limited to small businesses and nonprofits with less than 20 full time employees and landlords with less than 200 units who have lost rental income during the crisis.
Unlike the federal PPP program, these loans are NOT forgivable and must be paid back within five years. Also, businesses that have received some sort of federal relief are not qualified to apply for state assistance.
According to the governor's office, distribution of the overall funding will occur as follows:
30 percent to the NYC region. The Capital Region, Central New York, Finger Lakes, Mohawk Valley, North County, and Southern Tier each get 4 percent. Western New York will get 8 percent. Hudson Valley and Long Island are allotted 12 and 18 percent, respectively.
Priority will be given to regions that are already open, but those located in regions that haven't reopened yet are encouraged to prepare pre-application forms. (The Hudson Valley is slated to launch Phase I of the reopening today, while Long Island is expected to start tomorrow and New York City has to wait until at least the middle of next month).
For more information about the New York Forward Loan Fund, click here.