NY A02860

Establishes the HIRE New York Fund through the urban development corporation to provide zero-interest loans to micro-businesses (fewer than five employees) for hiring new employees.

Provides loans covering up to 20% of annual salary per new hire, with a maximum of $20,000 per hire annually, distributed over three years with a three-year deferral before repayment begins.

Defines qualifying new hires as full-time positions (35+ hours per week) held for one year, excluding transferred employees, related-party hires, or replacements for departing workers.

Requires $100 application fee (refundable upon loan completion or if applicant acted in good faith), and limits corporation administrative costs to 5% and evaluation costs to 3% of available funds.

Appropriates $20,000,000 from the state general fund to establish and operate the HIRE New York Fund, with corporation required to submit annual reports to the governor and legislature on loan activity and job creation.