Sydney Pereira is reporting at gothamist [dot] com New York state May 26, will begin taking applications for a new program to loan money to small businesses that did not get help from federal COVID-19 relief programs. The $100 million New York Forward Loan Fund is aimed at minority- and women-owned small businesses and its loans are for small businesses and nonprofits with less than 20 full-time employees and landlords with less than 200 units who have lost rental income during the coronavirus pandemic. Unlike the Payroll Protection Program loans under the U.S. Small Business Administration, the state loans are not forgivable and must be paid back over five years. Businesses that did not get approved for the PPP loan or the Economic Injury Disaster Loan may qualify for the state funds. According to the governor's office, the money will be distributed statewide, with 30 percent of it going to New York City. The Capital Region, Central New York, the Finger Lakes, Mohawk Valley, North County and Southern Tier regions will each receive 4 percent; Western New York will get 8 percent; and the Hudson Valley and Long Island are allotted 12 and 18 percent, respectively. The New York Forward Loan Fund will lend up to $100,000, or up to three months in revenues, expenses, or projected rent losses. Interest rates are 2 percent for nonprofits to 3 percent for small businesses and landlords. Applications open at noon, May 26, with priority given to industries and regions that are already open. Read the full story at gothamist [dot] com.