Loans

COVID Funding News

$100 Million in New York State Loans Available Now!

Many Small Businesses, Non-profits, and Landlords May Qualify for Up to $100,000

Pre-applications for the New York Forward Loan Fund are available now with priority going to industries and regions that have already reopened.

With over $100 million in NY State loans available, this is exciting news for qualifying landlords, not-for-profits, and small business entrepreneurs impacted by COVID-19 related financial issues.

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loan forgiveness under ppp

Loan Forgiveness Under the Paycheck Protection Plan

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

Here’s what you should know about loan forgiveness under the PPP:

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Employee Retention Credit Could Help Your Business

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer.

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The Tax-Smart Way to Loan Money to Friends & Family

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

Take a look at this example: Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation.

Here’s why:

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