For guidance on phased reopening of businesses please visit the comprehensive New York Forward website: https://forward.ny.gov/

Financial Assistance:

NY Forward Loan Fund 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 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. ​

For more information click here: https://esd.ny.gov/nyforwardloans-info

Main Street Lending The Federal Reserve's Main Street Lending Program is offering loans starting at $250,000 for businesses with 15,000 or fewer employees or 2019 annual revenues of $5 billion or less.

The loans are offered by participating banks, and may cover working capital expenses, including payroll cost, rent, utilities and mortgages. Unlike the Paycheck Protection Program, Main Street Lending loans are not forgivable. Companies will have five years to pay it off. Please contact your local bank to see if they participate.

PPP Flexibility Act - Payroll Tax Deferral Signed into law June 1st, allows small businesses that took PPP to defer their payroll taxes, which could free up cash in the near term. This amends some earlier provisions of the Paycheck Protection Program.

SBA Paycheck Protection Program The program has been extended to August 8th.  As of July 1st 130 billion is available.

Small Business Administration Programs (SBA) To contact the SBA Hotline call 1-800-659-2955

Economic Injury Disaster Loan (EIDL) Advance/Loan Small business owners are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

U.S. Small Business Administration Express Bridge Loans (EBL) The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while those small businesses apply for and await long-term financing (including through SBA’s direct Economic Injury Disaster Loan Program, if eligible)