Steve Griffin, CEO of the Finger Lakes Economic Development Center of Yates County (FLEDC) reports that Governor Andrew Cuomo recently announced the New York Forward Loan Fund program aimed at helping small businesses reopen.
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 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 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.
Pre-application for the New York Forward Loan Fund opened May 26. Priority will be given to industries 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.
• All businesses must attest to the State’s safe reopening plans.
• 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
• Must not have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.
Learn more about the NYFLF at https://esd.ny.gov/nyforwardloans-info .