senate Bill S8364A

2019-2020 Legislative Session

Establishes the New York state small business protection program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 22, 2020 print number 8364a
May 22, 2020 amend (t) and recommit to commerce, economic development and small business
May 19, 2020 referred to commerce, economic development and small business

S8364 - Details

See Assembly Version of this Bill:
A10924
Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Labor

S8364 - Summary

Establishes the New York state small business protection program to provide loans and grants to qualifying entities that have less than 100 employees per location, did not receive any federal funding for the Federal CARES Act, was in existence in New York state by the first day the state disaster emergency related to COVID-19 was declared by the governor, can document actual economic harm or revenue shortfall as a direct result of the pandemic, and has filed 2018 or 2019 tax returns.

S8364 - Sponsor Memo

S8364 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8364
 
                             I N  S E N A T E
 
                               May 19, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN ACT establishing the New York state paycheck protection program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Legislative findings. a. In April 2020, the Federal Govern-
 ment enacted two Coronavirus Aid, Relief and Economic  Security  (CARES)
 Act  stimulus  packages  where  it  introduced  the  Paycheck Protection
 Program (PPP) totaling $659 billion dollars to financially assist  small
 businesses,  and  to  prevent  the loss of jobs and the failure of small
 businesses due to financial losses caused by the COVID-19 pandemic.
   b. Many local small businesses  including  minority-  and  women-owned
 businesses  (MWBEs)  in  our  state  did not receive any federal funding
 under the federal PPP in either of the two rounds of funding.  In  fact,
 most  of  the  first  round  of funding totaling $349 billion, which was
 exhausted in 2 weeks, went to large publicly traded businesses.
   c. According to a report issued by the Federal Small Business Adminis-
 tration Inspector General, the Small Business Administration  (SBA)  was
 faulted  in  administering the PPP, in that the SBA did not issue guide-
 lines for banks to prioritize businesses  in  rural  markets,  companies
 that  have  only  been  in business for two years or less, or businesses
 owned by veterans,  minorities,  women  and  economically  disadvantaged
 individuals.  Moreover,  the PPP application did not include demographic
 information making it difficult or near impossible to determine how much
 money went into the markets.
   d. As New York state is reopening regionally post  COVID-19,  many  of
 our  small  businesses,  including MWBEs and farmers who did not receive
 any PPP funding are in desperate need of funding to  employ  and/or  pay
 staff, purchase inventory, and pay rent and utilities.
   §  2.  Establishment.  Notwithstanding  any  provision  of  law to the
 contrary, the legislature shall authorize the  establishment  of  a  New
 York  State  Payroll  Protection  Program  (NYSPPP)  to be funded in the
 amount of 100 million dollars from future federal stimulus funding. Such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Co-Sponsors

S8364A (ACTIVE) - Details

See Assembly Version of this Bill:
A10924
Current Committee:
Senate Commerce, Economic Development And Small Business
Law Section:
Labor

S8364A (ACTIVE) - Summary

Establishes the New York state small business protection program to provide loans and grants to qualifying entities that have less than 100 employees per location, did not receive any federal funding for the Federal CARES Act, was in existence in New York state by the first day the state disaster emergency related to COVID-19 was declared by the governor, can document actual economic harm or revenue shortfall as a direct result of the pandemic, and has filed 2018 or 2019 tax returns.

S8364A (ACTIVE) - Sponsor Memo

S8364A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8364--A
 
                             I N  S E N A T E
 
                               May 19, 2020
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment  and  Small  Business  --  committee  discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT establishing the New York state small business protection program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings. a. In April 2020, the Federal Govern-
 ment  enacted  two Coronavirus Aid, Relief and Economic Security (CARES)
 Act stimulus  packages  where  it  introduced  the  Paycheck  Protection
 Program  (PPP) totaling $659 billion dollars to financially assist small
 businesses, and to prevent the loss of jobs and  the  failure  of  small
 businesses due to financial losses caused by the COVID-19 pandemic.
   b.  Many  local  small  businesses including minority- and women-owned
 businesses (MWBEs) in our state did  not  receive  any  federal  funding
 under  the  federal PPP in either of the two rounds of funding. In fact,
 most of the first round of funding  totaling  $349  billion,  which  was
 exhausted in 2 weeks, went to large publicly traded businesses.
   c. According to a report issued by the Federal Small Business Adminis-
 tration  Inspector  General, the Small Business Administration (SBA) was
 faulted in administering the PPP, in that the SBA did not  issue  guide-
 lines  for  banks  to  prioritize businesses in rural markets, companies
 that have only been in business for two years  or  less,  or  businesses
 owned  by  veterans,  minorities,  women  and economically disadvantaged
 individuals. Moreover, the PPP application did not  include  demographic
 information making it difficult or near impossible to determine how much
 money went into the markets.
   d.  As  New  York state is reopening regionally post COVID-19, many of
 our small businesses, including MWBEs and farmers who  did  not  receive
 any  PPP  funding  are in desperate need of funding to employ and/or pay
 staff, purchase inventory, and pay rent and utilities.
   § 2. Establishment.  Notwithstanding  any  provision  of  law  to  the
 contrary,  the  legislature  shall  authorize the establishment of a New
 York State Small Business Protection Program (NYSSBPP) to be  funded  in
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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