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Posted on May 26th, 2020

New York Forward Loan Fund and PPP Updates

Binghamton Business News

On Friday, New York State announced the launch of the New York Forward Loan Fund (NYFLF). This $100 million small business relief program will distribute loans to eligible businesses with 20 or fewer employees and less than $3 million in revenue. These funds will be available to businesses and nonprofits that have not received a loan from either the SBA Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loan (EIDL) related to COVID-19 in 2020. Borrowers can apply to receive funds here; pre-application begins today. The SBDC New York office is also offering webinars on the program; to learn more and register click here. 

 

For a full list of current loan funds available to New York businesses, click here.

 

In addition, the SBA had provided the following updates:

 

Paycheck Protection Program (PPP) Policy Update – Friday, May 22, 2020

Interim Final Rule on Loan Forgiveness (released May 22, 2020)

Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (released May 22, 2020)

Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.

 

For more information and updates, visit SBA.gov/PaycheckProtection or Treasury.gov/CARES

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