HELPING LI BUSINESSES

DURING CORONAVIRUS
THE CURRENT FINANCIAL LANDSCAPE FOR SMALL BUSINESS

PRESENTED BY
 JOHN ROBERT J. ERICA CHASE- KEVIN JAMES
MALLANO PIECHOTA GREGORY LAW MADORE
SBA New York Branch Manager Director, Small Business President & CEO Newsday
Deputy District Director SBA LI Office Development Center The Long Island Economics Writer
Farmingdale State College Association
 NEW YORK STATE UPDATE
PHASE 2 INCLUDES:
Some Office-Based Businesses in Professional Services,
Nonprofit, Technology and Administrative Support
Real Estate
Vehicle Sales, Leasing and Rentals
Commercial Building Management
Rental Repair, Rental and Cleaning
In-Store Retail Shopping
NEW YORK STATE UPDATE

Limited barbershop
and hair salon services.
NEW YORK STATE UPDATE

PHASE 2 GUIDANCE
has been posted on
the NY Forward website:
https://forward.ny.gov/
 NEW YORK STATE UPDATE

BEFORE REOPENING,
ALL BUSINESSES MUST:
Read the guidelines and submit an affirmation.
Complete and print the safety plan to display
in their businesses.
 NEW YORK STATE UPDATE

PHASE 2 BUSINESSES
can begin reading and submitting
the affirmation in preparation for
when Long Island enters Phase 2.
 NEW YORK STATE UPDATE

For more information, go to the

Empire State Development tool kit:
https://www.businessexpress.ny.gov/
app/nyforward.
FORWARD LOAN FUND PROGRAM

WHO CAN APPLY:

Small Businesses
Small Landlords
501c3 & Faith Based Organizations
(cannot be used to support religious worship or activities)
Eligible only if entity did not receive PPP or EIDL
FORWARD LOAN FUND PROGRAM

LOAN AMOUNT & TERM

Up to $100,000
5 Year Term
Small Business - 3% Small Business
Small Landlord - 3%
Nonprofit – 2%
FORWARD LOAN FUND PROGRAM

SMALL BUSINESSES
20 or fewer employees

Annual operating budget of less than $3 million per year

In operation for at least 1 year from date of application

Located in NY State
FORWARD LOAN FUND PROGRAM

SMALL LANDLORD
Have no more than 200 units and no single property greater than 50 units
Properties must be located in LMI census tracts or meet rent tests for LMI tenants
Must have positive cash flow for 12-month period prior to loan request
Must be current on mortgage and taxes

Must be in business for a least 1 year as of date of loan application

FORWARD LOAN FUND PROGRAM
501c3 & FAITH BASED ORGANIZATION
Organized as 501c3 or faith-based organization and cannot be
used for support of religious worship or activities
Employ 20 or fewer employees
Annual operating budget of less than $3 million per year
Been in operation for at least 1 year as of date of application
FORWARD LOAN FUND PROGRAM

PRE-APPLICATION
www.nyloanfund.com
One application per organization
Applicant will be paired with an appropriate lender
Lender will provide needed documents to complete
application process
FORWARD LOAN FUND PROGRAM
SMALL BUSINESS DEVELOPMENT CENTERS
Farmingdale – sbdc@farmingdale.edu
Stony Brook – frontdesksbdc@stonybrook.edu

EAP CENTERS
Hofstra University – (516) 463-4069
Suffolk County Community College – (631) 851-6214