New York Forward Loan Fund for Small Businesses and Nonprofits

New York State small businesses, nonprofits and small residential landlords are eligible for up to a $100,000 loans under the New York Forward Loan Fund (the Fund). The loans are available to entities that did not receive a loan greater than $50,000 through either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.

Proceeds are required to be used for working capital, inventory, property taxes, rent, utilities, marketing, re-fitting for social distancing, or similar expenses. The proceeds cannot be used to repay other loans.


New York State businesses in existence for at least one year and suffering from COVID-19 economic hardship have an opportunity to receive the loans. Owners of more than one business can apply for loans for each, provided that they are separate legal entities, have separate tax ID numbers, and employ 20 or fewer full-time or full-time equivalent employees per entity. In addition to the requirements set forth above, the businesses, by category, must also qualify as follows:

Small Businesses – To be eligible for a loan, a business must have 20 or fewer full-time equivalent employees and gross revenue of less than $3 million per year.

Nonprofits – Nonprofits must be a 501(c)(3) organization providing direct services to New Yorkers such as daycare, senior services, educational programs, or hunger relief, to be eligible. They must have 20 or fewer full-time equivalent employees and an annual operating budget of less than $3 million per year.

Small Residential Landlords – To be eligible, small residential landlords must have no more than 200 units under ownership and no single property with greater than 50 units. They must be located in low or moderate income areas. Also the properties must have had positive cash flow for 12 months prior to the Fund Loan request and be current on property taxes through March 2020.

How to Apply

The online application process is available at the New York Forward Loan Fund website. The loan applicant will be contacted by a community development financial institution. The financial institution will collect documentation and conduct a credit check. Approved loans will be distributed through participating lenders. If a loan is denied, the Fund suggests not to apply to a different lender as a denial by one lender is considered a decline by all lenders.

Loan Terms

Small businesses and nonprofits are eligible for the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from 2019 or first quarter of 2020.

Small residential landlords are eligible for the lesser of (a) $100,000 or (b) projected reduction in six months of net operating income based on actual reductions for the month of April or May 2020.

Up to $100,000 loans are available and payable over a 5-year period, with monthly, interest-only payments for the first 12 months, and interest and principal payments for months 13 to 60. The interest rate for small businesses and residential landlords is fixed at 3%, and for nonprofits at 2%.

Late fees are imposed on missed payments. However, there are no application fees, no collateral required, and no prepayment penalty if the loan is paid off before maturity.

Contact Us

If you have questions or need assistance regarding opportunities under the New York Forward Loan Fund, contact your client service team or the following:

Ronald F. DeSoiza, CPA, ABV

Sandy Weinberg, JD

Steven J. Eller, CPA, JD