NY A07676

Establishes the HIRE New York Fund administered by the New York State Urban Development Corporation to provide zero-interest loans to micro-businesses (fewer than 5 employees) for hiring new employees.

Provides loans of up to 20% of a new hire's annual salary (maximum $20,000 per hire) for the first three years of employment, with repayment deferred three years and no interest charged.

Defines qualifying new hires as full-time positions (35+ hours/week) lasting one year, excluding transferred employees, temporary workers, and replacements for terminated positions; employees must reside in the same or adjacent county.

Requires applicants to submit business plans, job descriptions, financial documentation, and a $100 application fee (refunded upon successful loan completion).

Appropriates $20,000,000 to establish the fund and authorizes the Corporation to recover up to 5% of program funds for administrative costs and 3% for evaluation costs.