New York Reopening + NY Forward Loan Program

NY Reopening Guidance

Governor Cuomo announced that construction staging can commence in Mid-Hudson and Long Island, in anticipation of those regions reopening next week. As part of the Phase 1 reopenings around the state, the Governor's office also updated it's New York Forward Reopening Guidance, including:

NY Forward Loan Program

Separately, Cuomo said that New York is setting up a $100 million loan program to help small businesses stay afloat a little longer. The program is available to small businesses with up to 20 employees and less than $3M in gross annual revenue, which have not secured a PPP or EIDL loan. The general loan terms follow:

  • Loan amounts up to the lesser of $100K, or 100% of average monthly revenues in any 3-month period since 2019
  • 3% interest
  • 5 year payback, with interest only for first 12 months
  • No collateral requirement

And notably, unlike the PPP debacle, this program is not first-come, first-served. Pre-applications are currently open - visit NY Forward Loan for more information.

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The information contained in this post is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.