There is another source of COVID-19 relief for small businesses and nonprofits in Nassau County that did not receive a Paycheck Protection Program (PPP) loan or an Economic Injury Disaster Loan (EIDL) in 2020 from the SBA.
Eligible Nassau County businesses, MWBEs and nonprofits that have 20 or fewer full-time equivalent (FTE) employees and less than $3 million of gross revenues per year and were hard hit by the pandemic can apply to the Boost Nassau Small Business Recovery Loan Program as part of the New York Forward Loan Fund.
Loan Terms & Conditions
These loans of up to $100,000 are intended to provide credit to these entities as they reopen. The proceeds can be used on costs related to changes needed to comply with social distancing guidelines, marketing efforts, inventory and other expenses.
The loans are payable over five years, with interest-only payments for the first 12 months. The interest rate is 3% for businesses, with a lower rate for nonprofits.
Additional criteria apply to Nassau County nonprofits, including 501(c)(3) status and programs that provide services directly to New Yorkers. Small landlords who have seen a significant reduction in rental income and own 200 or fewer units, with no single property having greater than 50 units, may also be eligible.
Resources for Applicants
Click the button below to learn more about loan terms, eligibility requirements and the pre-application. For assistance with determining your eligibility or applying for these loan funds, please contact your Grassi advisor or our Crisis Response & Recovery hotline at 212.223.6216 or response@grassiadvisors.com.
