The New York Forward Loan Fund (NYFLF) is now open to a wider range of New York State businesses and nonprofits that were previously ineligible to receive this COVID-19 relief.
Eligibility requirements have been loosened to include organizations with higher employee counts and those that received greater amounts from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.
Businesses and nonprofits can now apply if they meet all of the following requirements:
- Employ 50 or fewer full-time equivalent (FTE) employees
- Have a gross revenue of less than $5 million per year
- Did not receive a PPP loan of greater than $500,000 or an EIDL for COVID-19 of greater than $150,000
- Suffered a direct economic hardship as a result of pandemic-related social distancing policies and stay-at-home orders that have materially impacted their operations
- Been in business for at least 1 year as of the date of the application
- Located in New York State
Eligible organizations can apply for a 60-month, no-fee loan of up to $100,000. Businesses can receive a 3% fixed interest rate, while nonprofits are eligible for a 2% fixed interest rate. Loan proceeds can be used to pay for typical and recurring operating business expenses, working capital, inventory, marketing, operating and emergency maintenance, property taxes, utilities, rent, supplies and/or for refitting of a business for compliance with social distancing guidelines, acquisition of personal protective equipment, and strategic planning for new revenues.
If you have any questions, please contact your Grassi advisor or our emergency loan consultants on our Crisis Response & Recovery hotline at 212.223.6216 or response@grassiadvisors.com.
