The New York State Common Retirement Fund is making $50 million available for the Paycheck Protection Program (PPP) for small businesses in the state.
The retirement fund will supplement PPP loans being administered by Pursuit, formerly known as the New York Business Development Corp.
Provided to Pursuit as an investment, the retirement fund will earn a return consistent with U.S. Treasury securities, the office of state comptroller Thomas P. DiNapoli said.
“New York small businesses are facing unprecedented challenges that have put more than a million men and women out of work,” DiNapoli said in a news release. “We’re doing what we can to help small businesses keep employees on their payroll, even if they have paused operations. PPP loans are critical to New York businesses trying to survive through this public health and economic crisis.”
There is no minimum for the loans. The maximum amount available is $350,000.
Sign-up for PPP applications is available to New York businesses at the Pursuit website.
The funding is a way to help bolster the retirement fund, which has taken a significant hit in investment earnings during the coronavirus pandemic, DiNapoli told participants in a Monday afternoon webinar sponsored by the Greater Rochester Chamber of Commerce.
“We are continuing to look for opportunities to help New Yorkers that are consistent with our fiduciary responsibility to the pension fund,” DiNapoli said.