Question 1

Who is eligible?

Accepted Answer

To be eligible for a New York Forward Loan Fund working capital loan, a small business must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by the owner of the business with the largest ownership interest, and that all owners with more than 20% ownership will be required to attest to the information therein.

Employ 50 or fewer full-time equivalent (FTE) employees for both small businesses;
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 impacted their operations;
Been in business for at least 1 year as of the date of loan application; and
Located in the State of New York.

Question 2

When do applications open?

Accepted Answer

June 1, 2020

New York Forward Loan Fund (NYFLF)

Eligibility

Terms

Application Instructions

Resources

Details