Coronavirus Financial Impact Loan Program


The 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 Information

One 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:

  • US citizens or legal residents currently living in NYC’s five boroughs, Westchester, or Long Island
  • Have a checking account, good credit, and total family income of at least $30,000 a year
  • Currently employed (HFLS prefers persons who have worked at least one year in their present position)

Even if they meet the requirements above, the following people may not guarantee a loan:

  • Persons living in the same household as the borrower
  • Persons who currently have an HFLS loan or are a guarantor on an HFLS loan
  • Pulpit Clergy (clergy are often asked to guarantee due to their high visibility within their community; this rule, therefore, exists for their own protection)
  • Persons who are unable to repay the loan

Loan Documents & Interview

The 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 Loan@HFLS.org 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:

  • Loan Application, completed and signed by the applicant (and their spouse, if they are married) using the online application link at the bottom of this page.
  • Copies of government-issued photo IDs that include signatures and serve as proof of address for the applicant and their spouse (e.g. driver’s license). If the driver’s license does not include the applicant’s current address, HFLS will require proof of residency (e.g. a utility bill or account statement).
  • Voided check, checking account statement, or bank statement that includes the applicant’s name and the bank name, the checking account number, and the routing number.

From the guarantor:

  • Guarantor Form, completed and signed by the guarantor and their spouse, if they are married, using the online guarantor form link that you will provide to them through the online application.
  • Copies of government-issued photo IDs that include signatures for the guarantor and their spouse, if they are married (e.g. driver’s license or U.S. passport).

Failure to submit these documents will delay the processing of your application. 

Once you have collected all the documents above, please email Loan@HFLS.org 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 & Closing

HFLS 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:

  • A Promissory Note, to be signed by the borrower, guarantor, and all spouses
  • An ACH authorization form, so monthly loan payments can be withdrawn automatically from your checking account

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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