NY S06312

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

Defines qualified business losses as damage to business structures, inventory losses including from shipping delays and perishable goods expiration, and loss of revenue caused by the emergency.

Requires agencies to adopt uniform criteria for loan selection, including consideration of prior financial viability, creditworthiness, business impact, job retention efforts, and proposed use of funds.

Limits individual loans to a maximum of $25,000 per emergency, with a cap of $25,000 total per eligible entity across all loans for each emergency.

Exempts deferred or non-charged interest on disaster loans from state taxes and requires agencies to disclose potential federal tax consequences to borrowers; mandates loan applications be submitted within 30 days of emergency end.