COVID-19 Relief Law - New York Forward Loan Fund
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 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.
NYFLF is providing working capital loan to provide businesses access to credit as they reopen. These loans are available to qualifying applicants that did not receive a loan from either the U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") or SBA Economic Injury Disaster Loans ("EIDL") for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
For more information, see here: https://esd.ny.gov/nyforwardloans-info
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