A Guide to the Financial Resources Your Business Needs Right Now

PRESENTED BY
 GUEST SPEAKERS

KEVIN LAW JOHN MALLANO ROBERT J. PIECHOTA

President & CEO SBA New York Branch Manager
The Long Island Association Deputy District Director of SBA’s LI Office
FEDERAL GOVERNMENT UPDATE

PAYCHECK PROTECTION PROGRAM

The most recent coronavirus relief bill allocates $60 billion
for loans specifically made by banks and credit unions with
less than $50 billion of assets, half of which is designated
for banks under $10 billion of assets.
FEDERAL GOVERNMENT UPDATE

PAYCHECK PROTECTION PROGRAM

The SBA was inundated with applications submitted by
the largest lenders in the first round of PPP funding.
This is meant to provide more and fair access to the
available funding for the true smallest businesses.
 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

New York State Comptroller Tom DiNapoli announced that
the New York State Common Retirement Fund (the Fund)
is putting $50 million toward the federal
Paycheck Protection Program.
 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

The Fund’s commitment will supplement Paycheck
Protection Program loans being administered by Pursuit
(formerly New York Business Development Corporation).
 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

To help make sure the Fund’s allocation benefits
New York’s “main street” businesses, it has set certain
parameters with Pursuit, including:
 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

Exclusive availability to New York businesses.

No loan minimum, with maximum loan set at $350,000.

 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

25 percent of loans are targeted for Minority
and Women-Owned Business Enterprises.
Prior to the Fund’s allocation, Pursuit has processed PPP
loans totaling nearly $200 million to small businesses.
PPP loans are federally guaranteed.
 NEW YORK STATE UPDATE

NYS COMMON RETIREMENT FUND

New York businesses can sign-up to apply for PPP

through Pursuit at pursuitlending.com/pppapply.
 NASSAU COUNTY UPDATE

Minority-owned small businesses in Nassau County

will share in $12 million of Paycheck Protection
Program loans authorized by the state.
 NASSAU COUNTY UPDATE

Empire State Development has awarded $3 million

each to four Community Development Financial
Institutions for PPP loans to small businesses in
“economically-distressed” neighborhoods in New York
City and Nassau, Westchester and Rockland counties.
NASSAU COUNTY UPDATE

The state money comes from a

$50 million revolving loan fund.