New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (the Fund) is putting $50 million toward the federal Paycheck Protection Program (PPP). CLICK HERE for the Press Release from the Comptroller. Information below is directly from that release.
The PPP was established with the passing of the CARES Act on March 27, 2020. Under the PPP, employers can secure loans that are eligible for forgiveness by the federal government if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Fund’s commitment will supplement PPP loans being administered by Pursuit (formerly New York Business Development Corporation).… Read More