Economic Incentives for Small Businesses (COVID Relief)
5/22/20: New York State announced the launch of the New York Forward Loan Fund (NYFLF). This $100 million small business relief program will distribute loans to eligible businesses with 20 or fewer employees and less than $3 million in revenue (corrected from $3 billion).These funds will be available to businesses and nonprofits that have not received a loan from either the SBA Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loan (EIDL) related to COVID-19 in 2020. Borrowers can apply to receive funds here; pre-application begins today. The SBDC New York office is also offering webinars on the program; to learn more and register click here.
For a full list of current loan funds available to New York businesses, click here.
In addition, the SBA had provided the following updates:
Paycheck Protection Program (PPP) Policy Update – Friday, May 22, 2020
Interim Final Rule on Loan Forgiveness (released May 22, 2020)
Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (released May 22, 2020)
Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.
For more information and updates, visit SBA.gov/PaycheckProtection or Treasury.gov/CARES
PPP and EIDL Reports
In total, the SBA guaranteed 4,426,118 PPP loans through May 23, 2020. For more information on loan activity, click here.