Cover photo for Coronavirus Financial Impact Loan

Coronavirus Financial Impact Loan

Hebrew Free Loan Society

About

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

Eligibility

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

Terms

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.

Resources

Similar Programs

Details

Organization

Hebrew Free Loan Society (HFLS)

Financial Instrument

Loan

Minimum Award Amount

$2,000

Maximum Award Amount

$5,000

Image Credit

Michael Tapp

Updated July 19, 2021

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.