New York Launches $ 100 Million Small Business Loan Program

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ALBANY – New York is launching a $ 100 million small business loan program to help maintain businesses that have been financially ravaged by mandatory non-essential workplace closures to stem the spread of the coronavirus, the governor said on Friday Andrew M. Cuomo.

“They represent 90 percent of New York State businesses and they face the toughest challenges,” the governor said at a press conference in New York.

The New York Forward Loan Fund will provide flexible and affordable loans to help small businesses that have not received federal COVID-19 assistance, Cuomo said. It will focus on minority and women-owned businesses, which have received much less federal support, he said.

While more than 271,000 businesses across New York City benefited from the federal government’s forgivable paycheck protection program, it was initially hampered by deployment issues and large companies clawed back funds before Main Street businesses don’t stand a chance.

The New York program targets businesses and nonprofits with fewer than 20 employees and less than $ 3 million in gross income, and includes small homeowners who have seen their income lost, according to Empire State Development.

The loan fund is programmed as regions begin to reopen, and the money will be used to help businesses with the upfront costs associated with meeting guidelines such as revamping new social distancing protocols.

Pre-applications will be available from noon on Tuesday, May 26. Priority will be given to businesses that have reopened, and applications will be considered as regions and industries reopen. To learn more about New York Small Business Assistance Funding, visit the Empire State Development website.

Unlike federal funding, loans are non-repayable and must be repaid over a five-year period with interest. The state also created “geographic (proportional) targets” for the distribution of funds, with New York City, Long Island and the Hudson Valley most affected at 30%, 18% and 12%, respectively. .

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The remaining regions will be allocated about 4 percent each of the funding, and western New York City will allocate 8 percent, depending on the details of the request.

The state’s small business loan program comes as New York City continues to see coronavirus cases, hospitalizations and deaths decline, and several areas of New York are starting a gradual reopening of their economies. Deaths from the virus have hovered at around 100 a day lately, with New York registering 109 deaths on Thursday, four more than on Wednesday.

New York is also launching a pilot program with 52 independent pharmacies to perform 7,000 COVID-19 diagnostic tests per week, bringing testing sites across the state to 750, Cuomo said.

The governor has encouraged New Yorkers to get tested if they have any symptoms or have been exposed to someone who tested positive.

Cuomo said figures in the Hudson Valley and Long Island areas indicate those areas may be on the verge of starting to reopen soon, and therefore New York is allowing construction projects there to begin. prepare materials in anticipation of this.

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