New York launches $100+ Million Loan program for small businesses

Today Governor Cuomo announced the launch of the New York Forward Loan Program, a new economic recovery loan program aimed at supporting New York’s small businesses, nonprofits and small landlords as they reopen after NYS on PAUSE. These working capital loans are intended to support businesses and organizations as they face upfront expenses related to reopening and complying with safety guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.  Loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020, and are not forgivable in part or whole.  Additional details and eligibility guidelines are available here. Applications will be open to industries and regions as they reopen in accordance with the NY Forward phased reopening plan.  Pre-applications will open on May 26, 2020 at 12pm Eastern Daylight Time and will be accepted on a rolling basis thereafter as regions and industries reopen (this is not a first-come, first-served opportunity!). Click here to fill out a pre-application and match with a participating CDFI lender (starting May 26, 2020).

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