More help for businesses impacted by the pandemic has arrived in the form of working capital loans from New York State.

For businesses that did not qualify or already receive federal Payroll Protection Program grant money, a Small Business Administration loan, or an Economic Injury Disaster Loan, the New York Forward Loan Program may help. 

This program is aimed at assisting small businesses with fewer than 20 employees. 

The loans to landlords are aimed at small landlords of residential housing of fewer than 50 units, that have suffered a loss of income due to the pandemic, including losses that may have resulted from the temporary hold that was placed on new eviction actions. 

Priority will be given to those located in or primarily serving low to moderate income neighborhoods and timed to coincide with those in industries and regions as they are reopening, to provide assistance with the costs associated with reopening including refitting for social distancing and restocking of inventory, 

Not-for-profits are also eligible to apply for the New York Forward Loan Program. 

Unlike other programs made available earlier or to larger businesses, these loans do not convert to grants. They do have to be paid back in 5 years and do carry interest. 

The New York Forward Loan Program a rolling eligibility, not first-come first-served, and has geographic parity goals under which it is planned that Western New York shall receive 8% of the funds available to the program statewide.