July 30, 2020
FHLBNY CICA Disaster Relief Funding: Eligibility Expansion
Due to the significant impact of COVID-19 on our communities, the Federal Home Loan Bank of New York (FHLBNY) is pleased to announce the expansion of eligible entities under the Community Investment Cash Advance (CICA) – Disaster Relief Funding (DRF) program. In accordance with the CICA regulation, small businesses represent a CICA-eligible targeted beneficiary, however, the small business entities eligible for loans under the Paycheck Protection Program (PPP) expand beyond those previously eligible under CICA.
Pursuant to guidance from the Federal Housing Finance Agency (FHFA) and due to the extraordinary circumstances associated with COVID-19, the FHLBNY will temporarily accept PPP-eligible entities that do not already qualify as small businesses under the CICA regulation as other targeted beneficiaries. This means, that going forward, these advances will be able to support small businesses, faith-based organizations and other community-focused entities across our region. This expanded eligibility will remain in effect through December 31, 2020. To view program requirements and learn how to apply for Disaster Relief Funding, please visit our Disaster Relief Funding page.
Should you have any questions, please contact our team at [email protected] or your Relationship Managers at (212) 441-6700.
Thank you for your support.
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