New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that small businesses, nonprofits and small residential landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive 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, and small landlords. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.