ALBANY, N.Y. (WKBW) — In his daily COVID-19 briefing on Friday, Governor Andrew Cuomo announced a new small business loan program for New York State, called the New York Forward Loan Fund.
The program, which launches Friday, is offering more than $100 million in small business loans to New York businesses. Business owners can pre-apply starting at 12 p.m. on Tuesday, May 26.
To qualify, organizations must meet the following requirements:
- Small businesses and nonprofits must employ 20 or fewer full time workers
- Small businesses must have less than $3 million per year in gross revenue
- Nonprofits must provide direct services and have an annual operating budget below $3 million per year
- Organizations cannot have received a loan from the SBA Paycheck Protection Program or an SBA Economic Injury Disaster Loan for COVID-19 in 2020.
90% of NY businesses are small businesses.— Andrew Cuomo (@NYGovCuomo) May 22, 2020
They need help. Today we are launching the $100+ million New York Forward Loan Fund.
We'll focus on Minority and Women-owned businesses & very small businesses with 20 or fewer employees.
Learn more: https://t.co/kX6v6OiMtw
Applications will be reviewed "on a rolling basis" as industries reopen in different regions across the state. The loans are not first-come, first-served