New York Retirement Fund Pays Into PPP
New York State is investing some of its retirement fund in the Paycheck Protection Program.
The federal PPP allocated nearly $200-million in secure loans that will be forgiven by the federal government if employees are kept on the payroll for eight weeks and the money is used for pay, rent, mortgage interest or utilities.
New York is paying in $50-million to supplement the program that is part of the coronavirus relief package.
Comptroller Thomas DiNapoli, who oversees the state’s retirement fund, says they are also looking at the possibility of providing another $100-million toward the PPP, which is administered through “Pursuit”, formerly the New York Business Development Corporation.
The Comptroller’s office says to make sure the retirement fund’s allocation benefits the state’s “main street” businesses, it is requiring the money be exclusively available to New York businesses, a maximum loan set at $350,000 with no minimum and 25% of the loans must be targeted to minority and women-owned business enterprises.
New York businesses can sign up to apply through Pursuit at pursuitlending.com/pppapply.