Establishes a state disaster emergency grant and loan program administered by industrial development agencies for certain small businesses.
Impact
The bill directly impacts state laws pertaining to small business assistance during emergencies by establishing structured criteria for determining eligible entities and the respective amounts they may receive. Small businesses with up to fifty employees that were operational before and during a local or state emergency may qualify for loans up to $25,000. The legislation also stipulates that loan recipients must have a plan to utilize the funds effectively, which is intended to foster sustainable recovery efforts while ensuring accountability in financial disbursements.
Summary
A09301 introduces a state disaster emergency grant and loan program designed to provide financial assistance to small businesses impacted by state or local emergencies. The bill aims to amend the general municipal law by adding new provisions that empower industrial development agencies to administer these grant and loan programs. Notably, the program seeks to address qualified business losses, including inventory losses and revenue decline due to emergencies. This initiative aims to support small businesses in recovering and stabilizing during and after such emergencies, thereby reinforcing the economic resilience of local communities.
Contention
Discussions surrounding A09301 may reveal points of contention regarding the allocation of funds, the adequacy of the proposed support measures, and the effectiveness of the loan criteria. Some stakeholders may argue that the limits imposed on loan amounts and the selection process could overlook various small businesses that need aid. Critics may call for a broader approach that encompasses a wider range of business sizes or a more significant financial assistance threshold to adequately address the diverse impacts of disasters on local economies.
Relates to loans and grants by industrial development agencies; requires uniform criteria for evaluation and selection of an eligible entity for a grant or loan; defines terms; outlines such criteria.
Relates to loans and grants by industrial development agencies; requires uniform criteria for evaluation and selection of an eligible entity for a loan; defines terms; outlines such criteria.
Enacts the "New York small business growth and support act"; authorizes certain tax exemptions for newly established small businesses during their first three years of operations.
Establishes the community disaster relief and recovery act which will create an emergency assistance program for undocumented individuals impacted by a natural disaster.