The New York Forward Loan Fund (NYFLF) is a brand new financial restoration loan program aimed toward 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 full-time equivalent (FTE) workers (ninety% of all companies), nonprofits and small landlords which have seen a lack of rental revenue. You can entry these resources on the Federal Reserve Bank of Boston’s website. The function of the credit is to scale back a portion of the costs of preserving staff on payroll and supply direct aid to businesses. Employers can have an efficient “refund” (tax credit score) of as much as $5,000 per employee by reducing their required payroll deposits.
Eligibility for the credit is impacted by the business’ utilization of other federal stimulus programs. The Federal Home Loan Bank of … Read More