New York Adds Supplemental Funds to PPP Loans for Small Businesses

Date: April 28, 2020

New York State Comptroller announces $50 million more to come from state

New York State Comptroller Tom DiNapoli announced that the New York State Common Retirement Fund will put $50 million towards Paycheck Protection Program (PPP) loans being administered by Pursuit (formerly New York Business Development Corporation).

Pursuit has already processed nearly $200 million PPP loans to small businesses. The $50 million from the New York State Common Retirement Fund will go directly to New York’s true small businesses. The following parameters for the supplemental funding have been set:

  • The funds are exclusive to New York businesses.
  • No loan minimum.
  • Maximum loan amount set at $350,000.
  • 25 percent of the loans are targeted for Minority and Women-Owned Businesses.

The loan funds are limited and there is widespread interest in the program. Pursuit cannot guarantee loan approval. To sign-up for a PPP application (note that this is not a loan application, simply a sign-up form), visit https://pursuitlending.com/pppapply/.

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