The businesses that were not ultimately eligible for the COVID-19 relief programs offered by federal governments until now, should now apply for the New York Forward Loan Fund.
This regional state program – valued at $100 million – is geared for the small businesses owned by minority groups and women. These businesses will have up to 20 full-time workers. In addition, property owners with up to 200 rented units who have not been paid during this time will be eligible for assistance from the program.
While the Payroll Protection Program (PPP) was a nice gesture it has come under substantial attack for being unrealistic. Loans have to be paid back within five years. Given that unemployment figures jumped to 14.5% in New York last month, there are many individuals who need the money without having the stress of paying it back.