New York launching $100 MILLION small business loan program for those facing ‘toughest challenges’ during virus pandemic

NEW York state will launch a $100 million small business loan program for those facing the “toughest challenges” during the coronavirus crisis.

Gov Andrew Cuomo told reporters on Friday that small businesses are taking “a real beating” and that economic projections are “frightening.”

Gov Andrew Cuomo speaks with reporters on Friday

The New York Forward Loan Fund will offer loans to help small businesses that did not receive federal COVID-19 help.

“Many small businesses just don’t have the staying power,” Cuomo said during the press briefing.

“They are 90 percent of New York state’s businesses and they are facing the toughest challenges.”

Many small businesses have struggled to get assistance that was promised in the $2 trillion CARES Act signed by President Trump earlier this year.

“The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90 percent of all businesses), nonprofits and small landlords that have seen a loss of rental income,” reads a description on the NYS website.

“The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.”

Pre-application for the NYFLF will be open on May 26 at noon.

Priority will be given to industries that have been reopened.

“This is not a first-come, first-served loan program,” state said.

“Applications will be reviewed on a rolling basis as regions and industries reopen.”

There have been about 350,000 confirmed coronavirus cases in New York state, with 23,000 deaths.

Cuomo continued to emphasize the importance of wearing masks during his press conference, and urged New Yorkers to exercise caution in parks and other public places during the looming Memorial Day weekend.

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