Tuesday Morning Briefing, and News of the NYS Forward Loan Fund…
I am hoping that everyone practiced safe social distancing as we celebrated our war heroes this memorial day weekend.
NYS has just opened the New York Forward Loan Fund (NYFLF) for pre-applications. This is a new working capital economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak.
NYFLF targets the state’s small businesses with:
- Gross revenue of $3 million or less
- 20 or fewer full-time equivalent (FTE) employees
- Small landlords (residential buildings of 50 units or less) that have seen a loss of rental income.
- Have not received SBA loans/grants through the SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020
- Loans have a 5 year term with interest at 3%; the loans are not forgivable in part or whole. Terms can be reviewed here.
Preference will be given to those landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Five Community Development Financial Institutions (CDFIs) will be processing pre-applications on June 1, 2020 and it appears that you must work through them. Pre-applications will open on May 26, 2020 at Noon Eastern Daylight Time and will be on a rolling basis thereafter as regions and industries reopen.
Please click through to the link for the pre-application resource page here.
Please click through to the link for the FAQ’s page here.
And now on to today’s NYT morning briefing…
Wishing you, your family and friends health and safety through these trying times.