Governor Announces $100M Loan Fund for Small Businesses
CUOMO ANNOUNCES $100M LOAN FUND FOR SMALL BUSINESSES
Governor Cuomo announced today the New York Forward Loan Fund, a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small 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.
Pre-application for the New York Forward Loan Fund will be open on May 26, 2020 at Noon Eastern Daylight Time. Priority will be given to industries that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.
- Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees;
- Small businesses must have gross revenues of less than $3 million per year;
- Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and
- Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.
CUOMO ANNOUNCES EXTENSION OF SALES TAX DEADLINE
As a reminder, Governor Cuomo announced Thursday that the New York State sales tax deadline has been extended to June 22. More information can be found here.
MANDATORY: SAFETY PLAN, AFFIRMATION OF STATE GUIDELINES
As a reminder, we are in Phase I of re-opening under New York Forward. As you are re-opening, or preparing to re-open under future phases, remember that prior to re-opening, as business owners you must a) have a safety plan in place (a template for which can be found here) and b) read and affirm guidelines for re-opening, which for Phase I industries can be found here.
Please note: the safety plan and affirmed guidelines apply to all businesses – even essential businesses that have remained open throughout NY on PAUSE.