Business Requirements – Small Businesses
To be eligible for a New York Forward Loan Fund working capital loan, a small business must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by the owner of the business with the largest ownership interest, and that all owners with more than 20% ownership will be required to attest to the information therein.
- Employ 20 or fewer full-time equivalent (FTE) employees;
- Have gross revenues of less than $3 million per year;
- Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020;
- Have 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;
- Been in business for at least 1 year as of the date of loan application; and
- Located in the State of New York.