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NY A10266
Bill
Status
4/8/2020
Primary Sponsor
William Barclay
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AI Summary
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Directs the executive to allocate all unallocated settlement funds from the "economic uncertainties" fund and any future settlement money received by the state to small business relief purposes.
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Establishes a zero-interest loan program through the Urban Development Corporation providing up to $25,000 loans to small businesses and not-for-profits with a 365-day grace period, featuring 50% principal forgiveness if businesses return to 2019 employment levels.
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Repurposes the Empire State film production tax credit for 2020-2024 to provide tax assistance to small businesses negatively impacted by COVID-19, usable for operating and capital expenses.
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Grants automatic 180-day filing and payment extensions to small businesses affected by the COVID-19 emergency declaration with no penalties or interest assessed.
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Authorizes the executive to repurpose funds from state agencies including the Urban Development Corporation, Environmental Facilities Corporation, and Energy Research and Development Authority to fully fund the small business relief programs.
Legislative Description
Enacts the "small business emergency recovery act of 2020"; requires the executive to direct all unallocated settlement funds that are reserved in the "economic uncertainties" fund and any further settlement money that may be received by the state to small business relief purposes consistent with the intent of the "small business emergency recovery act of 2020" (Part A); establishes the small business and not-for-profit recovery loan program; defines terms; loan eligibility; eligible uses of funding; loan forgiveness (Part B); provides that in the years two thousand twenty through two thousand twenty-four, the empire state film production credit shall first be used to provide assistance to small businesses negatively impacted during the emergency declaration relating to the COVID-19 outbreak (Part C); authorizes the executive to repurpose all monies of the New York state urban development corporation, the environmental facilities corporation, the dormitory authority of the state of New York, the New York state energy research and development authority and all other state resources as identified and needed by the executive to fully fund programs created by the small business emergency recovery act of 2020 (Part D); grants an automatic extension for small businesses affected by an emergency declaration (Part E); provides a regulatory amnesty period for small businesses (Part F); and relates to the effectiveness of provisions of law relating to New York state bag waste reduction act (Part G).
Last Action
referred to small business
4/8/2020