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Workers' Resources

Small Business Loans

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The Federal and NYS governments have provided small business loans, including the federal Paycheck Protection Program, Economic Injury Disaster Loans, the federal SBA Subsidy Loan Program, and NYS’ Forward Loan Fund.

The Paycheck Protection Program (PPP)


The Paycheck Protection Program is part of the federal CARES Act and is a loan designed to provide an incentive for small businesses to keep their workers on the payroll; it is administered through the Small Business Administration (SBA).

Loan Amount

Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities.

PPP loans covers costs incurred between February 15, 2020 through June 30, 2020.

Loan Forgiveness

These loans can be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. The amount of canceled debt depends on how many workers the business retains and the extent to which it reduces their salaries.

As of August 10, loan forgiveness applications are being accepted. SBA issued updated FAQs on forgiveness on August 4 related to timing issues for expenses and interpreting what counts as payroll and nonpayroll expenses. On August 11 SBA and Treasury issued additional guidance and FAQs that confirm vision and dental benefits as eligible payroll expenses. See the loan application and instructions.

Loan Deferment

Loan repayment will be deferred for 6 months.


  • The business must have no more than 500 employees.
  • Is available to sole proprietorships, independent contractors, gig workers & self-employed.


Business must apply by June 30, 2020; although this date may be extended. To find an eligible lender visit:

For more information visit:

Economic Injury Disaster Loan (EIDL)


The Economic Injury Disaster Loan is an existing federal loan program that has been expanded under the CARES Act; it is administered through the Small Business Administration.


  • The business must have no more than 500 employees.
  • Must have suffered a substantial economic injury.
  • The loan amounts are based on actual economic injury up to a maximum of $2 million.
  • Businesses can request an emergency grant amount of up to $10,000. This loan advance will be forgiven if it is spent on paid leave, maintaining payroll, mortgage or lease payments.
  • The loan is also available to non-profits, sole proprietorships, independent contractors, gig workers and self-employed.
  • Businesses must apply no later than December 16, 2020.
  • For more information visit:

Businesses can apply for both the EIDL loan and the PPP loan, so long as the business uses the loans for different expenses.

For additional information visit


EIDL is now closed.

SBA Subsidy Loan Program

The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans made prior to March 27, 2020. Under this program, the SBA will cover all loan payments on these loans, including principal, interest and fees for 6 months.

SBA loan types eligible: 7(a) of up to $5 million, community advantage, 504 loans up to $5.5 million, and microloans of up to $50,000.
For application procedures visit:

New York Forward Loan Fund


The New York Forward Loan Fund (NYFLF) is an 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 will support businesses and organizations as they reopen and comply with state guidelines under the New York Forward Plan, refer to COVID-19 Resources, COVID-19 Protocols, COVID-19: Reopening NY.


The NYFLF targets NYS’ small businesses, nonprofits and small landlords that have seen a loss of rental income. The following criteria must be met:

  • Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020; and
  • Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees; or
  • Small businesses must have gross revenues of less than $3 million per year; or
  • Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; or
  • Small landlords who are owners of residential buildings of 50 units or less;
    • Loans will be prioritized for landlords whose properties are in low-and-moderate income census tracts or who serve low to moderate income tenants.


Pre-applications for the New York Forward Loan Fund are now open. Applications will be reviewed on a rolling basis as regions and industries reopen, not on a first-come, first-served basis. Priority will be given to industries and regions that have been reopened. However, small businesses and nonprofits that are in industries and regions that have not reopened are encouraged to prepare their pre-application in advance.

To apply visit: Upon completing the online application, a participating Community Development Financial Institution lender will contact the loan applicant to collect the required documentation, conduct any credit checks, and finalize the application review process. There are five Community Development Financial Institutions that will process the applications: AccionEast, Community Preservation Corporation, National Development Council, Pursuit and TruFund Financial Services. Pre-application will open on May 26th and application processing will start on June 1st.

Organizations available to assist with the application process:


Due to the high expected demand, the number of NY Forward loans will be limited. Submission of an application is not an indication of eligibility or that funding will be approved.

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