ALBANY, N.Y. – Gov. Andrew Cuomo announced a new $100 million loan program Friday that will be available to small businesses across the state.
The New York Forward Loan Fund will help small businesses, nonprofits and some landlords as they navigate reopening amid the coronavirus pandemic. The money can be used to cover costs of inventory, marketing and implementing social distancing guidelines.
The following criteria must be met to be eligible to apply:
- 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.
Empire State Development says $4 million of the money will be for small businesses in the Mohawk Valley.