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                The Change Reaction




Thank you for your interest in applying for a loan from the Greg Perlman and Michael Clark Small Business Relief Fund in partnership with the Hebrew Free Loan Society (HFLS).


Please read the following eligibility and program information thoroughly, as it will impact whether you receive a loan.


General Information

These loans are intended to help cover fixed personal and business expenses of small business owners and independent contractors during COVID-19. The loans are interest-free and require no application fee, origination fee, or collateral.


Borrowers will repay these loans in equal installments over 24-36 months, and modifications will be available if needed. There is a three-month grace period before repayments begin.

Eligibility Requirements

To qualify for a loan, an applicant must:

  • Reside in New York City’s five boroughs, Long Island, Westchester, or Rhinebeck, NY
  • Have good credit, with a minimum credit score of 650 and a history of responsibly meeting debt obligations
  • Have had business revenues of $1.25M or less and 15 or fewer employees prior to the pandemic
  • Have made on-time rent payments from April 2019 to March 2020 (not applicable for independent contractors or small businesses that do not pay rent)
  • Have current annual pre-tax household income at or below the income limits noted below for their household size (these limits do not apply to Rhinebeck applicants)


Household Size

1 person

2 person

3 person

4 person

5 person

6 person

7 person

8 person

Household Income









Types of Loans

1) Loans for small businesses that are currently operating and need support to get through this time of reduced revenue are available in amounts from $7,500-$25,000, with most loans approved at the $15,000 level.


2)  Loans for independent contractors and small business owners who have been required to close or cease operating due to the state’s PAUSE order and who need financial assistance in cases where government support and savings are insufficient to meet basic needs range in size from $3,000-$7,500.

Loan Process

  1. Applicants must complete and e-sign the application on the subsequent pages, which includes basic questions about their business and an authorization to obtain a credit report. Applicants and their spouses must agree to HFLS reviewing their credit report in order to qualify for a loan. Submission of this application and credit authorization does NOT guarantee loan approval.


  1. After submitting an application you will receive an email informing you of next steps, the most important of which is verification of your e-signature. An email from BIZ@HFLS.org will request that you click a link to verify your signature; you must do this to complete your application.


  1. Within two business days of submitting a complete application and e-signature verification, an HFLS staff member will notify you via email regarding whether you are eligible for a Change Reaction Loan. If you are eligible, the email you receive will contain information about next steps, including scheduling a 20-30 minute phone or video (Zoom) loan interview.


  1. After the loan interview, the Program Director will take your loan request to the program funders for review. If they approve your loan application, you will be notified and provided with final loan paperwork for electronic signature by you and your spouse (if you are married).


If you have any questions or technical problems while completing or submitting this application, please contact BIZ@HFLS.org.

             The Change Reaction



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Complete all sections and submit copies of the documents listed. Submission of this application does not guarantee loan approval.

Application Information
Do not include (-)
Household Information

Not including yourself or your spouse
Business Information 
Please do not abbreviate the company or organization name
Do not include (-)


Estimated budget for the next 60 days:                                                                            

Upload Documents
Please upload copies of the following documents:
  • Valid state issued Driver's License or other valid government issued photo ID

  • First two (2) pages of 2019 tax return (or most recent return on firl) for individual or business (if business is required to file a separate return)

  • Proof of timely payment of 12 months' rent through March 2020

  • Business profit & loss statements for 2018, 2019, and 2020

  • Corporate by-laws

  • Void business check

  • Proof of application for government small business loans including Paycheck Protection Loan, Economic Injury Disaster Loan, or other

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Credit Report and Verification 
Yes, I authorize Hebrew Free Loan Society to access my credit report
Yes, I authorize Hebrew Free Loan Society to access my credit report