COVID-19 Loans and Assistance for Small Businesses

Important Information about COVID-19 Loans and Assistance for Small Businesses

New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about COVID-19-related loans, funding and business counseling. See below for details about the New York Forward Loan Fund, U.S. Small Business Administration (SBA) loans, and the New York Forward Small Business Lease Assistance Partnership.

New York Forward Loan Fund (NYFLF)

The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.  The NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.  The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.   

Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants. 

Pre-applications for the New York Forward Loan Fund are now open.  This is not a first-come, first-served loan program.  Applications will be reviewed on a rolling basis.

For small businesses and, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.  

  • Small businesses and nonprofits must employ 50 or fewer full-time equivalent (FTE) employees; 
  • Small businesses must have gross revenues of less than $5 million per year;
  • Nonprofits must provide direct services and have an annual operating budget of less than $5 million per year; and
  • An eligible small business or nonprofit must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000. 

Click here for more information on how to apply to the New York Forward Loan Fund.

 

SBA Paycheck Protection Program (PPP)

The PPP provided $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities.  As part of the Consolidated Appropriations Act, 2021, the Paycheck Protection Program (PPP) has been provided with an additional $284 billion of loan funds to support small businesses and other eligible entities impacted by the COVID-19 pandemic

  • PPP loans applications will be accepted until March 31, 2021, or earlier if funding is exhausted
  • Up to 24 weeks of eligible expenses may be forgiven
  • Loan repayments will be deferred until eligible expenses are approved

Click here for more information on how to apply to the SBA Paycheck Protection Program.

 

SBA Subsidy Loan Program

The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans.  Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans.

  • For SBA loans made prior to March 27, 2020
  • SBA loan types eligible: 7(a), community advantage, 504 and microloans.

Click here for more information on how to apply to the SBA Subsidy Loan Program.

 

SBA Economic Injury Disaster Loan (EIDL) Program

Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. 

Click here for more information on how to apply to the SBA Economic Injury Disaster Loan (EIDL) Program.

 

Additional Grants & Funding Resources

Find out more about additional grant and loan opportunities for New York State businesses.

New York Forward Small Business Lease Assistance Partnership

Support services for small businesses to renegotiate their lease and avoid eviction.

Organizations Available to Assist


New York's statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions are available to help guide your business through the loan application process.

NY Small Business Development Centers (SBDC)

The New York Small Business Development Centers (NYSBDC) provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost.
Click here

Entrepreneurship Assistance Centers (EAC) Contact List

Entrepreneurship Assistance Centers (EAC) provide instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.
Click here

Community Development Financial Institution (CDFI) Contact List

CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions.
Click here

COVID-19 Business Mentor NY Volunteer Task Force

New York State and business leaders have partnered to enlist industry volunteers to help businesses with guidance on SBA loan applications.