If you have not received an SBA Loan or a PPP loan and your business:

  • Employs 20 or fewer full-time equivalent (FTE) employees;
  • Earns gross revenues of less than $3 million per year;
  • Has suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations;
  • Has Been in business for at least 1 year as of the date of loan application; and
  • Is located in the State of New York.

Or you are a landlord landlords who meets certain criteria such as:

  • Have no more than 200 units under ownership, and no single property greater than 50 units;
  • Properties must either be located in a low or moderate income (LMI) census tract or meet a rent test where property rents are affordable to tenants of low and moderate-income;
  • Properties must have positive cash flow for a 12-month period prior to the NY Forward loan request;
  • Properties must have an active forbearance agreement for their mortgage or, proof that they have not missed a monthly debt service payment in the last 12 months, and/or no active mortgage;

This is a partial list, click here to read more here to see if you qualify.

And your business is not

  • Corporate-owned franchises;
  • Not-for-profit social clubs;
  • Branch banks;
  • Pay day loan stores;
  • Pawn shops;
  • Astrology, palm reading;
  • Liquor stores, night clubs;
  • Adult bookstores, massage parlors, strip clubs;
  • Track waging facilities;
  • Trailer-storage yards;
  • Marijuana dispensaries.

(This is copied from this page that also states that it is not a full list).

Then you may qualify for this loan. The amount and terms of the New York Forward Loan are:

For small businesses:

  • Lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in a 3-month period prior to the COVID-19 outbreak. The 3-month period can be any 3-month period from 2019 or January to March 2020.
  • 3% interest rate.
  • 60-month terms.
  • No collateral required.

For Landlords

  • For landlords, the lesser of (a) $100,000 or (b) projected reduction in 3-months net operating income based on actual reductions in net operating income for the month of April or May 2020.
  • 3% interest rate.
  • 60-month terms.
  • No collateral required.

For Non-Profits

  • For nonprofits, lesser of (a) $100,000 or (b) up to 100% of average monthly expenses for a 3-month period prior to the COVID-19 outbreak. The 3-month period can be any 3-month period from 2019 or January to March 2020.
  • 3% interest rate.
  • 60-month terms.
  • No collateral required.

This is a summary if you think you may qualify and are interested read more here, and fill out the pre-application here.

This is NOT a first come – first served loan. The decisions will be based on need, projected opening (preference is given to those who are in regions that are opening), and geography.

If you would like to discuss this further and discuss whether your business qualifies you can book a time to talk here. Just remember: if you received an EIDL loan or a PPP loan you do not qualify.