assembly Bill A10208

2019-2020 Legislative Session

Establishes the coronavirus pandemic small business and not-for-profit organization loan program

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Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 24, 2020 referred to banks

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Multi-Sponsors

A10208 (ACTIVE) - Details

See Senate Version of this Bill:
S8169
Current Committee:
Assembly Banks
Law Section:
Financial Services

A10208 (ACTIVE) - Summary

Establishes the coronavirus pandemic small business and not-for-profit organization loan program.

A10208 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10208

                          I N  A S S E M B L Y

                             March 24, 2020
                               ___________

Introduced by M. of A. BUCHWALD -- read once and referred to the Commit-
  tee on Banks

AN  ACT in relation to establishing the coronavirus pandemic small busi-
  ness and not-for-profit organization loan program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Definitions. As used in this act, the following terms shall
have the following meanings:
  (a)  "Affected  business  or  organization"  means and includes both a
small business and a small not-for-profit  organization  located  within
this state during the coronavirus pandemic;
  (b)  "Bank"  means  a bank as such term is defined in subdivision 1 of
section 2 of the banking law;
  (c) "Credit union" means a credit union as such  term  is  defined  in
subdivision 9 of section 2 of the banking law;
  (d) "Department" means the department of financial services;
  (e) "Eligible financial institution" means a bank or credit union that
has a physical presence in this state and is in good standing;
  (f)  "Grace  period" means the ninety-day period after the coronavirus
pandemic is over;
  (g) "Small business" means a business with not more than  one  hundred
employees  that has experienced a loss in sales of 25 percent or more as
a result of the coronavirus pandemic;
  (h) "Small not-for-profit organization" means a not-for-profit  organ-
ization with not more than one hundred employees; and
  (i)  "Coronavirus  pandemic" means the period of time during which the
presence of coronavirus disease 2019 in this state exists in significant
enough numbers for which the threat of the spread  of  such  disease  is
considered a pandemic.
  §  2. Coronavirus pandemic small business and not-for-profit organiza-
tion loan program. (a) The department  shall  administer  a  coronavirus
pandemic small business and not-for-profit loan program to guarantee the
repayment  of  loans  made  by  an  eligible financial institution to an
eligible  affected  business  or  organization  pursuant  to  this  act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets