Coronavirus Financial Impact Loan
Loans to support individuals with financial challenges caused by the Coronavirus outbreak.
Loans to support individuals with financial challenges caused by the Coronavirus outbreak.
Coronavirus Financial Impact Loan ProgramThe Coronavirus Financial Impact Loan Program provides interest-free loans of $2,000-$5,000 to residents of New York City’s five boroughs, Westchester, or Long Island who are facing financial challenges caused by the Coronavirus outbreak. These loans are intended to address:
Lost wages due to being unable to go to work
Child care costs due to school closures
Small business losses
Related medical costs
Loan applicants must have annual pre-tax household income at or below the income limits for their household size.
HFLS Income Limits
| Household Size | 1 person | 2 person | 3 person | 4 person | 5 person | 6 person | 7 person | 8 person |
|---|---|---|---|---|---|---|---|---|
| Household Income | 84,065 | 96,025 | 107,785 | 119,945 | 129,605 | 139,150 | 148,810 | 158,355 |
Coronavirus Financial Impact Loans are repayable in 20 monthly installments, so your monthly repayment amount depends on the amount of your loan. (A loan of $2,000 = repayments of $100/month, and a loan of $5,000 = repayments of $250/month.)
Coronavirus Financial Impact Loans have a grace period of three months before repayment begins. Repayments will be made on either the 5th or the 20th of each month; you will select your preference before HFLS disburses your loan. All loan repayments are made by electronic debit of a checking account.
Guarantor InformationOne guarantor is required for all loans. If a guarantor is married, his or her spouse must also complete and sign the Guarantor Form.
Guarantors must meet the following criteria:
Even if they meet the requirements above, the following people may not guarantee a loan:
Loan Documents & InterviewThe documents below are required for a Coronavirus Financial Impact Loan. Once you have completed or collected all the documents below and have all necessary signatures, contact [email protected] to schedule a loan interview with an HFLS Loan Officer, which can be conducted via phone video (Zoom) call. Please submit the following documents to HFLS through the online application.
From the borrower:
From the guarantor:
Failure to submit these documents will delay the processing of your application.
Once you have collected all the documents above, please email [email protected] to schedule your 10-15 minute loan interview with an HFLS Loan Officer, which will be conducted by phone or video call (Zoom). Loan interviews may be scheduled Mondays through Thursdays between 9 am and 5 pm.
Please submit the documents listed above to HFLS prior to the loan interview to avoid delays in processing your application. During the interview, an HFLS Loan Officer will review your application and guarantor form, explain the loan terms and remainder of the loan process, and answer any questions you have.
Loan Decisions & ClosingHFLS reviews and decides on loan applications weekly. If we have questions about your application or guarantor, you may receive a call or email from a Loan Officer asking for further information before HFLS will make its decision.
You will receive information via email within approximately one week of your loan interview advising you whether your loan has been approved, and if so, providing final loan documents for you to sign. HFLS, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or additional guarantors.
If your loan is approved, the email you receive will contain instructions to complete the final loan paperwork electronically via DocuSign. The final loan paperwork includes:
Once HFLS receives the e-signed documents above, we will disburse your loan funds directly into your checking account within three business days. (Please note that it may take a few days after the disbursement for the loan funds to appear in your checking account.)
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