NY A06777

Authorizes agencies to provide loans to small businesses with not more than 50 employees that are physically located in the agency's jurisdiction and were operational before and during a state or local emergency.

Defines qualified business losses eligible for loans as damage to business structures, inventory losses (including from shipping delays and spoilage), and loss of revenue caused by the emergency.

Caps individual loans at $25,000 with a total limit of $25,000 per eligible entity, and requires agencies to adopt uniform criteria by resolution for loan evaluation and selection.

Requires agencies to coordinate loan distribution within the same municipalities and prohibits applicants from receiving loans from multiple agencies for the same emergency.

Mandates agencies maintain records on all loans issued, repaid, defaulted, and outstanding, and requires reporting in annual reports to the public authorities; interest deferred or not charged on loans is exempt from state taxes.