Stephen Schwartz (left) will inducted into the Long Island Music and Entertainment Hall of Fame. Paul Schaffer (right) will emcee a concert in his honor. (Photo: Long Island Music and Entertainment Hall of Fame)
Trade Winds

State expands loan program for small businesses

The state has just expanded its New York Forward Loan Fund program to make more small businesses eligible for low-interest loans.

Small businesses that received Paycheck Protection Program assistance of $50,000 or less, are now eligible for the loans, according to Empire State Development. Previously, businesses that had received any PPP money were not eligible for the New York Forward loans.

Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3 percent fixed interest rate, while eligible nonprofits can apply for a 60-month, no-fee loan at 2 percent fixed interest. The maximum loan amount is $100,000. 

Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines.

The program also aims to provide at least 60 percent of loans to minority- and women-owned businesses.

More information is available online at: nyloanfund.com

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Trade Winds

Trade Winds is written by journalists from the Long Island business community.