Coronavirus Financial Impact Loan

The Coronavirus Financial Impact Loan Program provides interest-free loans of up to $7,500 to residents of New York City’s five boroughs, Westchester, or Long Island who are facing financial challenges caused by the Coronavirus outbreak. These loans are intended to address:

• Lost wages due to being unable to go to work

• Child care costs due to school closures

• Small business losses

• Related medical costs

Loan applicants must have annual pre-tax household income at or below the income limits for their household size.

• 1 person: $91,540 household income

• 2 person: $104,650 household income

• 3 person: $117,760 household income

• 4 person: $130,755 household income

• 5 person: $141,220 household income

• 6 person: $157,435 household income

• 7 person: $162,150 household income

• 8 person: $172,615 household income

Coronavirus Financial Impact Loans have a grace period of three months before repayment begins. After the grace period, loans of $5,000 or less are repayble in monthly installments over up to 20 months; loans of more than $5,000 are repayable over up to 25 months. (For example, a loan of $4,000 = repayments of $200/month over 20 months; a loan of $7,500 = repayments of $300/month over 25 months.)

Repayments will be made on either the 5th or the 20th of each month; you will select your preference before HFLS disburses your loan. All loan repayments are made by electronic debit of a checking account.

• Frequently Asked Questions