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Cuomo: New York to launch $100M small business loan program

ALBANY — New York is launching a $100 million loan program to help keep afloat small businesses that have been ravaged financially by the mandated closures of non-essential work to stem the spread of coronavirus, Gov. Andrew M. Cuomo announced Friday.

“They are 90 percent of New York state’s businesses and they are facing the toughest challenges,” the governor said during a news conference in New York City.

Cuomo said the program, dubbed New York Forward Loan Fund, will offer flexible and affordable loans to help small businesses that did not receive federal COVID-19 assistance. It will focus on minority- and women-owned businesses, which have received far less federal aid, he said. The program also will focus on businesses with fewer than 20 employees and less than $3 million in gross revenues.

The latest program comes as the state continues to see coronavirus cases, hospitalizations and deaths decline, and multiple regions in New York begin a phased reopening of their economies. Deaths from the virus have hovered at about 100 in recent days, with New York seeing 109 deaths on Thursday, which is four more than Wednesday.

While the federal CARES Act contained $376 billion in relief for American workers and small businesses, small …read more

Thank you Source: NYS News

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