The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
The NYFLF targets the state’s small businesses with 20 or fewer employees (90% of all businesses), nonprofits and small landlords that have seen loss of rental income.
CPC will be administering the loan fund for small landlords under the NYFLF guidelines.
The NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are now available to small landlords who have received a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
Access to loans for small landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Priority will be given to industries and regions that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.
For small businesses and nonprofits that are in industries and regions that are not yet reopened, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here. This will allow you to quickly submit your pre-application once it is announced that your industry and region is phased to reopen.
Pre-applications opened on May 26, 2020 at Noon Eastern Daylight Time.
For more information regarding qualifications, loan terms, and required documentation, and to fill out a pre-application, please click the “Learn More and Apply” button below.
CPC recently joined the National Development Council (NDC) to host an informational webinar for potential applicants to the NYFLF. Potential borrowers are invited to view or download the webinar presentation below for a close look at how to apply and specific program requirements.
This resource is for current CPC borrowers who wish to apply for forbearance on their existing CPC loan. We recognize that these are extraordinary times, and we remain committed to serving the needs of our customers and to protecting the well-being of the communities we serve. We appreciate your patience and support as we all continue to adapt to meet this changing environment.
Forbearance Agreements – For Reference Only:
The below linked forbearance documents are for reference only, to make you aware of the requirements should your application be approved. To apply for forbearance please contact your Asset Manager.