08 Feb

New York Forward Loan Fund (NYFLF) Program Changes

 

Important Program Announcement:

Economic Injury Disaster Loan (EIDL) & Paycheck Protection Program

(PPP) borrowers can now be eligible for the New York Forward Loan Fund!

and program expansion allow firms with up to 50 employees to participate!

FUNDING IS STILL AVAILABLE!!!

Attention New York State Small Business Owners!

We want to share with you an important and exciting program change regarding the New York Forward Loan Fund (NYFLF).

The New York Forward Loan Fund (NYFLF) is the economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. 

The NYFLF now targets the state’s small businesses with *50* or fewer full-time equivalent (FTE) employees, nonprofits and small residential landlords that have seen a loss of rental income.  

When the New York Forward Loan Fund launched in May, the federal Small Business Administration had just issued rules regarding companies’ eligibility for federal assistance. The goal of the NYFLF was to help New York-based small businesses that did not receive PPP or EIDL funding with flexible working capital to reopen and adapt to post-COVID needs.

However, some NYFLF applicants who needed assistance were deemed ineligible because they had already received PPP or EIDL funds. Through discussions with lenders and applicants, it became apparent that PPP and EIDL loans did not go far enough to support New York-based small businesses. Legislative criteria restricted how the government assistance could be spent, and oftentimes PPP and EIDL amounts were a fraction of what was needed and requested.  

Effective immediately, small businesses and non-profits that received a PPP loan of $500,000 or less or EIDL loans of $150,000 or less can be eligible for a NYFLF loan:

An Eligible Small Business must:

·       Employ *50* or fewer full-time equivalent (FTE) employees;

·       Have gross revenues of less than *$5 million* per year;

·       Must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000;

·       Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacts their operations;

·       Been in business for at least 1 year as of the date of the application; and

·       Be located in the State of New York.

For more information and to start your pre-application visit: 

www.nyloanfund.com

Funding is still available to help your NYS small business recover!

If you were previously denied a loan due to receiving an EIDL or PPP loan

you are encouraged to re-apply!

In less than 5 minutes you can begin the process to access the capital your business needs!