NY A05470

Creates Article 23 of the Economic Development Law establishing the Federal Contract Workers Assistance Program to provide state loans to eligible small businesses.

Requires participating businesses to have an active federal government contract and demonstrate financial harm from a federal government shutdown to qualify for assistance.

Mandates businesses submit applications with documentation and certify compliance with environmental, worker protection, and tax laws; allows information sharing with Department of Taxation and Finance and Department of Labor under confidentiality protections.

Authorizes the state to provide loans for payroll purposes only, with repayment required within 12 calendar months of disbursement; loan amounts determined by the commissioner up to available appropriated funds.

Empowers the commissioner to establish application procedures and promulgate rules and regulations for program administration; takes effect immediately upon enactment.