New York State Common Retirement Fund, Albany, is putting $50 million toward the Paycheck Protection Program for small businesses, said New York state Comptroller Thomas P. DiNapoli, sole trustee of the $225.9 billion pension fund.
The retirement fund's commitment will supplement the PPP loans being administered by Pursuit, formerly New York Business Development Corp.
The fund's allocation redirects a large portion of the existing available loan program funds to address the immediate crisis. The fund is also considering providing an additional $100 million toward PPP.
"New York small businesses are facing unprecedented challenges that have put more than a million men and women out of work," Mr. DiNapoli said in the news release issued Monday. "We're doing what we can to help small businesses keep employees on their payroll, even if they may have paused operations."
The money provided by the fund can only be available to New York businesses for loans no bigger than $350,000. Also, 25% of loans must be for minority- or women-owned business enterprises.