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NY A10924
Bill
Status
8/17/2020
Primary Sponsor
Inez Dickens
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AI Summary
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Establishes the New York State Small Business Protection Program (NYSSBPP) funded with $100 million from future federal stimulus funding to assist businesses that did not receive Paycheck Protection Program (PPP) funding.
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Provides loans equal to 60% of prior year eligible expenses (capped at $100,000) that are forgiven if used for payroll, employee benefits, mortgage interest, rent, utilities, and inventory; non-forgiven loans carry 1% interest with 2-year maturity.
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Prioritizes funding for minority- and women-owned businesses, veteran-owned businesses, sole proprietors, businesses in rural and economically distressed areas, and those in restaurant, retail, hospitality, and farming industries.
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Provides grants for rent reimbursement (capped at 3 months), perishable inventory losses, and farmer delivery costs (gas and tolls).
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Requires eligibility entities to have fewer than 100 employees per location, document pandemic-related economic harm, and apply through community development financial institutions, minority depository institutions, or local community banks and credit unions.
Legislative Description
Establishes the New York state small business protection program to provide loans and grants to qualifying entities that have less than 100 employees per location, did not receive any federal funding for the Federal CARES Act, was in existence in New York state by the first day the state disaster emergency related to COVID-19 was declared by the governor, can document actual economic harm or revenue shortfall as a direct result of the pandemic, and has filed 2018 or 2019 tax returns.
Last Action
referred to small business
8/17/2020