A message from New York State, Economic Development Council:
New York State announced the launch of the New York Forward Loan Fund (NYFLF). This $100 million small business relief program will distribute loans to eligible businesses with 20 or fewer employees and less than $3 million in revenue (corrected from $3 billion).These funds will be available to businesses and nonprofits that have not received a loan from either the SBA Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loan (EIDL) related to COVID-19 in 2020. Borrowers can apply to receive funds here; pre-application begins today. The SBDC New York office is also offering webinars on the program; to learn more and register click here.
For a full list of current loan funds available to New York businesses, click here.
In addition, the SBA had provided the following updates:
Paycheck Protection Program (PPP) Policy Update – Friday, May 22, 2020
Interim Final Rule on Loan Forgiveness (released May 22, 2020)
Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (released May 22, 2020)
Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.
PPP and EIDL Reports
In total, the SBA guaranteed 4,426,118 PPP loans through May 23, 2020. For more information on loan activity, click here.