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NY A04696
Bill
Status
2/22/2023
Primary Sponsor
Ron Kim
Click for details
AI Summary
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Authorizes the New York State Urban Development Corporation to provide grants and flexible financing programs to small dry cleaning and nail salon businesses for capital improvements
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Dry cleaning businesses can receive assistance to purchase and install non-perchloroethylene machines and sprinkler systems required for state and local code compliance
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Nail salons can receive funding for capital improvements and upgrades to mechanical ventilation systems necessary to meet federal, state, and local indoor air quality regulations
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Financing options include loan loss reserves, revolving loan programs, working capital loans, working capital loan guarantees, and programs that leverage traditional financing
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Takes effect 90 days after becoming law, with rule-making authority granted immediately to enable implementation
Legislative Description
Relates to assistance for certain small businesses including dry cleaners and those that practice nail specialty for necessary code related improvements.
Last Action
substituted by s702
5/24/2023