NY State Senate Bill S8181A

Archive: Last Bill Status - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

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Actions

view actions (14)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 17, 2020	signed chap.109
Jun 05, 2020	delivered to governor
May 27, 2020	returned to senate passed assembly ordered to third reading rules cal.32 substituted for a10294a referred to ways and means delivered to assembly passed senate ordered to third reading cal.646
May 26, 2020	reported and committed to rules
May 24, 2020	print number 8181a
May 24, 2020	amend (t) and recommit to corporations, authorities and commissions
Apr 13, 2020	referred to corporations, authorities and commissions

Votes

view votes

May 27, 2020 - floor Vote

S8181A

floor

Aye

Nay

Absent

Excused

Abstained

May 26, 2020 - Corporations, Authorities and Commissions committee Vote

S8181A

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

May 24, 2020 - Rules committee Vote

S8181A

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S8181 - Details

See Assembly Version of this Bill:: A10294
Law Section:: Public Authorities Law
Laws Affected:: Amd §858, add §859-c, Gen Muni L

S8181 - Summary

Establishes a state disaster emergency loan program to be administered by industrial development agencies for small businesses and small not-for-profit corporations.

S8181 - Sponsor Memo

 
BILL NUMBER: S8181

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the public authorities law, in relation to establishing
the industrial development agency public health state of emergency loan
program

 
PURPOSE:

To provide industrial development agencies (IDAs) with the flexibility
to support small businesses and non-profits during public health emer-
gencies.

 
SUMMARY OF PROVISIONS:

Adds a new title 7-a to article 9 of the public authorities law to
establish an industrial development agency public health state of emer-
gency loan program. This program allows any IDA to administer programs
to provide loans to affected businesses and organizations.  IDAs may

make loans provided that affected small businesses or non-profit organ-
izations provide satisfactory proof that they are located within the
state, that the loan does not exceed $25,000, that creditworthiness
shall not be a factor in determining eligibility, that repayment and
interest will not be charged during a grace period extending to 60 days
after the end of the public health emergency, and that loans shall be
repaid in full not later than 180 days after the end of the grace period
in up to six equal installment payments.  Additional loans may be
offered by the same IDA every 30 days, pursuant to the same terms and
that the total of all loans received by an affected business or organ-
ization shall not exceed $25,000. 180 days from the end of the grace
period, IDAs that have made good-faith efforts to collect outstanding
principal may make a claim to the comptroller for recovery of an amount
equal to the outstanding loan principal. Requires each IDA to maintain
loan records. Interest deferred or not charged to such a loan shall be
exempt from all state taxes, and IDAs are required to disclose possible
federal tax consequences associated with these loans.

 
JUSTIFICATION:

The current public health crisis is forcing small businesses across New
York to slow down or shut down operations. This represents a significant
threat to the viability of these businesses, who are significant employ-
ers and important pieces of their communities.  Current restrictions
limit the ability of local IDAs to provide loans to such small busi-
nesses to help ensure their short-term viability, especially until the
Small Business Administration's funding in response to the crisis comes
online. Granting IDAs a short term authority to extend such moderate
loans will help ensure New York's small businesses remain viable after
this public health crisis and have more options in any future crises.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.
 
EFFECTIVE DATE:
Immediately.

S8181 - Bill Text download pdf


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

                                  8181

                            I N  S E N A T E

                             April 13, 2020
                               ___________

Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT to amend the public authorities law, in relation to establishing
  the industrial development agency public  health  state  of  emergency
  loan program

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

  Section 1. Article 9 of the  public  authorities  law  is  amended  by
adding a new title 7-A to read as follows:
                                TITLE 7-A
               INDUSTRIAL DEVELOPMENT AGENCY PUBLIC HEALTH
                     STATE OF EMERGENCY LOAN PROGRAM
SECTION 2928. INDUSTRIAL DEVELOPMENT AGENCY PUBLIC HEALTH STATE OF 
                EMERGENCY LOAN PROGRAM.
  § 2928. INDUSTRIAL DEVELOPMENT AGENCY PUBLIC HEALTH STATE OF EMERGENCY
LOAN  PROGRAM.  1.  DEFINITIONS.  AS USED IN THIS SECTION, 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 A STATE OF EMERGENCY;
  (B) "GRACE PERIOD" MEANS THE SIXTY-DAY PERIOD AFTER A STATE  OF  EMER-
GENCY IS OVER;
  (C)  "INDUSTRIAL  DEVELOPMENT  AGENCY"  OR  "IDA" MEANS ANY INDUSTRIAL
DEVELOPMENT AGENCY ESTABLISHED PURSUANT TO THIS CHAPTER, BY SPECIAL  ACT
OR BY ANY OTHER PROVISION OF LAW.
  (D) "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY EMPLOY-
EES;
  (E)  "SMALL NOT-FOR-PROFIT ORGANIZATION" MEANS A NOT-FOR-PROFIT ORGAN-
IZATION WITH NOT MORE THAN FIFTY EMPLOYEES; AND
  (F) "STATE OF EMERGENCY" MEANS THE PERIOD BEGINNING WITH A DECLARATION
BY THE GOVERNOR THAT A PUBLIC HEALTH STATE OF EMERGENCY EXISTS.
  2. INDUSTRIAL DEVELOPMENT AGENCY PUBLIC HEALTH STATE OF EMERGENCY LOAN
PROGRAM. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY IDA MAY  ADMIN-

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

                      [ ] is old law to be omitted.
                                                           LBD16066-01-0

S. 8181                             2

ISTER  AN INDUSTRIAL DEVELOPMENT AGENCY PUBLIC HEALTH STATE OF EMERGENCY
LOAN PROGRAM TO PROVIDE LOANS TO AFFECTED BUSINESSES  AND  ORGANIZATIONS
PURSUANT TO THIS SECTION.
  3. LOAN ELIGIBILITY. AN IDA MAY MAKE A LOAN TO AN AFFECTED BUSINESS OR
ORGANIZATION, PROVIDED:
  (A)  THE  AFFECTED  BUSINESS  OR  ORGANIZATION HAS PROVIDED TO THE IDA
PROOF SATISFACTORY TO SUCH IDA THAT SUCH AFFECTED BUSINESS OR  ORGANIZA-
TION IS AN AFFECTED BUSINESS OR ORGANIZATION LOCATED WITHIN THE STATE OF
NEW YORK.
  (B)  THE  AMOUNT  OF  THE  LOAN  SHALL NOT EXCEED TWENTY-FIVE THOUSAND
DOLLARS.
  (C) THE AFFECTED BUSINESS OR ORGANIZATION'S CREDITWORTHINESS SHALL NOT
BE A FACTOR USED FOR THE PURPOSES OF DETERMINING ELIGIBILITY.
  (D) THE LOAN AGREEMENT SHALL NOT  (I)  REQUIRE  REPAYMENT  DURING  THE
GRACE  PERIOD, OR (II) CHARGE INTEREST ON THE PRINCIPAL AMOUNT BEFORE OR
DURING THE GRACE PERIOD OR FOR ONE HUNDRED EIGHTY DAYS AFTER  THE  GRACE
PERIOD,  PROVIDED  AFTER SUCH ONE HUNDRED EIGHTY-DAY PERIOD, THE IDA MAY
CHARGE INTEREST OR FEES ACCORDING TO THE TERMS OF THE LOAN AGREEMENT.
  (E) THE LOAN AGREEMENT SHALL REQUIRE THAT  THE  AFFECTED  BUSINESS  OR
ORGANIZATION  REPAY  THE  LOAN IN FULL NOT LATER THAN ONE HUNDRED EIGHTY
DAYS AFTER THE END OF THE GRACE PERIOD BY MAKING AT LEAST THREE, AND  NO
MORE  THAN SIX, EQUAL INSTALLMENT PAYMENTS. THE LOAN AGREEMENT SHALL NOT
CONTAIN A FEE OR PENALTY FOR THE PREPAYMENT  OR  EARLY  PAYMENT  OF  THE
LOAN.
  (F)  THE  IDA  SHALL  OFFER  CREDIT  COUNSELING SERVICES OR REFER SUCH
AFFECTED BUSINESS OR ORGANIZATION TO NONPROFIT CREDIT COUNSELORS.
  4. ADDITIONAL LOANS. AN AFFECTED  BUSINESS  OR  ORGANIZATION  WHO  HAS
RECEIVED  A  LOAN PURSUANT TO THIS SECTION MAY APPLY TO THE SAME IDA FOR
AN ADDITIONAL LOAN FOR EACH THIRTY-DAY PERIOD  SUCH  SMALL  BUSINESS  OR
NOT-FOR-PROFIT  ORGANIZATION  REMAINS  AN AFFECTED BUSINESS OR ORGANIZA-
TION, PROVIDED NO AFFECTED BUSINESS OR  ORGANIZATION  MAY  RECEIVE  MORE
THAN  THREE  LOANS UNDER THE PROGRAM. EACH ADDITIONAL LOAN SHALL BE MADE
IN ACCORDANCE WITH SUBDIVISION THREE OF THIS SECTION. THE  TOTAL  AMOUNT
OF  ALL LOANS RECEIVED BY AN AFFECTED BUSINESS OR ORGANIZATION SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  5. COLLECTION OF LOANS. ON AND AFTER ONE HUNDRED EIGHTY DAYS FROM  THE
END  OF  THE  GRACE  PERIOD, AN IDA THAT HAS MADE A GOOD-FAITH EFFORT TO
COLLECT THE OUTSTANDING PRINCIPAL FROM A LOAN ISSUED  PURSUANT  TO  THIS
SECTION  MAY  MAKE  A CLAIM TO THE COMPTROLLER FOR RECOVERY OF AN AMOUNT
EQUAL TO THE OUTSTANDING PRINCIPAL FOR SUCH LOAN.  PRIOR  TO  THE  COMP-
TROLLER  APPROVING  SUCH CLAIM, SUCH IDA SHALL DEMONSTRATE TO THE SATIS-
FACTION OF THE COMPTROLLER THAT THE IDA HAS MADE A GOOD-FAITH EFFORT  TO
COLLECT  THE  OUTSTANDING  PRINCIPAL FROM THE AFFECTED SMALL BUSINESS OR
ORGANIZATION. UPON PAYMENT OF A CLAIM, THE LOAN SHALL BE ASSIGNED TO THE
STATE, AND THE COMPTROLLER SHALL HAVE THE RIGHT TO  CONTINUE  COLLECTION
EFFORTS ON THE LOAN.
  6.  RECORDS.  EACH IDA SHALL MAINTAIN RECORDS IN THE REGULAR COURSE OF
ADMINISTRATION OF THE LOAN GUARANTEE  PROGRAM,  INCLUDING  A  RECORD  OF
LOANS ISSUED AND OF PAYMENTS MADE.
  7.  TAXABILITY. ANY INTEREST DEFERRED OR NOT CHARGED RELATED TO A LOAN
ISSUED PURSUANT TO THIS SECTION SHALL BE EXEMPT  FROM  ALL  STATE  TAXES
THAT  MAY  BE  APPLICABLE  TO SUCH INTEREST AMOUNTS AS THEY RELATE TO AN
AFFECTED BUSINESS OR  ORGANIZATION.  ELIGIBLE  IDAS  SHALL  DISCLOSE  TO
AFFECTED BUSINESS OR ORGANIZATION BORROWERS IN LOAN DOCUMENTS THAT THERE
MAY BE FEDERAL TAX CONSEQUENCES TO THE PROGRAM LOANS.

S. 8181                             3

  8.  END  OF  STATE  OF  EMERGENCY.  NO  NEW LOAN APPLICATIONS SHALL BE
SUBMITTED UNDER THE PROGRAM AFTER  THE  STATE  OF  EMERGENCY  ENDS.  THE
PROGRAM  SHALL  EXPIRE  UPON  THE  REPAYMENT OF ALL LOANS MADE UNDER THE
PROGRAM AND, FOR ALL LOANS IN DEFAULT,  THE  REPAYMENT  OF  CLAIMS  MADE
UNDER THE PROGRAM.
  § 2. This act shall take effect immediately.

Co-Sponsors

view additional co-sponsors

S8181A (ACTIVE) - Details

See Assembly Version of this Bill:: A10294
Law Section:: Public Authorities Law
Laws Affected:: Amd §858, add §859-c, Gen Muni L

S8181A (ACTIVE) - Summary

Establishes a state disaster emergency loan program to be administered by industrial development agencies for small businesses and small not-for-profit corporations.

S8181A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S8181A

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the general municipal law, in relation to establishing a
state disaster emergency loan program; and providing for the repeal of
such provisions upon the expiration thereof

 
PURPOSE:

To provide industrial development agencies (IDAs) with the flexibility
to support small businesses and non-profits during public health emer-
gencies.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill provides for grants and in-kind donations from
Industrial Development Agencies (IDAs) to small businesses or not-for-
profits for the purposes of purchasing personal protective equipment
(PPE) and other fixtures needed to help prevent the spread of COVID-19.

Section 2 establishes the State disaster emergency loan program to allow
IDAs to make loans to small businesses and not-for-profit organizations
up to $25,000 with certain considerations. IDAs who choose to administer
a State disaster emergency loan program will have to maintain records
related to the program, and report to the Governor, Speaker of the
Assembly and Temporary President of the Senate one year following the
end of the State disaster emergency declaration.

Section 3 establishes the effective date, and the expiration of the
legislation on December 31; 2021.

 
JUSTIFICATION:

The current public health crisis is forcing small businesses and not-
for-profit organizations across New York to slow down or shut down oper-
ations. This represents a significant threat to the viability of these
businesses, who are significant employers and important pieces of their
communities. Current restrictions limit the ability of local IDAs to
provide loans to such small businesses and not-for-profit organizations
to help ensure their short-term viability, especially until the Small
Business Administration's funding in response to the crisis comes
online. Granting IDAs a short-term authority to extend such moderate
loans will help ensure New York's small businesses and not-for-profit
organizations remain viable after this public health crisis and have
more options in any future crises. Also, providing grants for Personal
Protective Equipment (PPE) and installation of safety fixtures for these
small businesses and not-for-profit organizations will allow safety for
workers during the COVID-19 pandemic.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

S8181A (ACTIVE) - Bill Text download pdf


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

                                 8181--A

                            I N  S E N A T E

                             April 13, 2020
                               ___________

Introduced  by  Sens. MAY, BIAGGI -- read twice and ordered printed, and
  when printed to be committed to the Committee on Corporations, Author-
  ities and Commissions -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the general municipal law, in relation to establishing a
  state disaster emergency loan program; and providing for the repeal of
  such provisions upon the expiration thereof

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

  Section 1. Subdivisions 16 and 17 of section 858 of the general munic-
ipal law, as added by chapter 1030 of the laws of 1969 and as renumbered
by chapter 356 of the laws of 1993, are amended to read as follows:
  (16) To establish and re-establish its fiscal year; [and]
  (17) TO PROVIDE LOANS TO SMALL  BUSINESSES  OR  NOT-FOR-PROFIT  CORPO-
RATIONS  AS  AUTHORIZED  IN  SECTION  EIGHT HUNDRED FIFTY-NINE-C OF THIS
TITLE; AND
  (18) TO PROVIDE GRANTS TO SMALL BUSINESSES AND  NOT-FOR-PROFIT  CORPO-
RATIONS, AS DEFINED IN SECTION EIGHT HUNDRED FIFTY-NINE-C OF THIS TITLE,
FOR THE PURPOSE OF ACQUIRING PERSONAL PROTECTIVE EQUIPMENT OR INSTALLING
FIXTURES NECESSARY TO PREVENT THE SPREAD OF NOVEL CORONAVIRUS, COVID-19,
DURING  THE PERIOD IN WHICH EXECUTIVE ORDER TWO HUNDRED TWO OF TWO THOU-
SAND TWENTY, AS AMENDED, IS IN EFFECT. IN ORDER TO  BE  ELIGIBLE  FOR  A
GRANT  PURSUANT  TO THIS SUBDIVISION, A SMALL BUSINESS OR NOT-FOR-PROFIT
CORPORATION MUST MEET THE REQUIREMENTS OF  PARAGRAPH  A  OF  SUBDIVISION
THREE  OF  SECTION  EIGHT HUNDRED FIFTY-NINE-C OF THIS TITLE.  NO INDUS-
TRIAL DEVELOPMENT AGENCY MAY PROVIDE A SMALL BUSINESS OR  NOT-FOR-PROFIT
CORPORATION  WITH MORE THAN TEN THOUSAND DOLLARS PURSUANT TO THIS SUBDI-
VISION; AND
  (19) To do all  things  necessary  or  convenient  to  carry  out  its
purposes and exercise the powers expressly given in this title.
  §  2.  The  general  municipal  law is amended by adding a new section
859-c to read as follows:
  § 859-C. STATE DISASTER EMERGENCY LOAN PROGRAM.   1. FOR  PURPOSES  OF
THIS SECTION:

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

                      [ ] is old law to be omitted.
                                                           LBD16066-09-0

S. 8181--A                          2

  A.  "GRACE  PERIOD"  MEANS THE SIXTY-DAY PERIOD AFTER A STATE DISASTER
EMERGENCY ENDS;
  B.  "ELIGIBLE ENTITY" MEANS BOTH A SMALL BUSINESS AND A SMALL NOT-FOR-
PROFIT CORPORATION THAT:
  (I) IS PHYSICALLY LOCATED IN THE STATE; AND
  (II) WAS OPERATIONAL PRIOR TO THE STATE DISASTER EMERGENCY.
  C. "SMALL BUSINESS" MEANS A BUSINESS WITH NOT MORE THAN FIFTY  EMPLOY-
EES;
  D.  "SMALL  NOT-FOR-PROFIT  CORPORATION" MEANS A NOT-FOR-PROFIT CORPO-
RATION, FORMED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION LAW  WITH  NOT
MORE THAN FIFTY EMPLOYEES; AND
  E.  "STATE  DISASTER  EMERGENCY"  MEANS  THE PERIOD IN WHICH EXECUTIVE
ORDER TWO HUNDRED TWO OF TWO THOUSAND TWENTY, AS AMENDED, IS  IN  EFFECT
TO ADDRESS THE OUTBREAK OF NOVEL CORONAVIRUS, COVID-19.
  2.  ANY  INDUSTRIAL  DEVELOPMENT  AGENCY  (IDA) MAY ADMINISTER A STATE
DISASTER EMERGENCY LOAN PROGRAM TO PROVIDE LOANS FROM AVAILABLE  REVENUE
TO  ELIGIBLE ENTITIES PURSUANT TO THIS SECTION, PROVIDED THAT NO IDA MAY
CREATE MORE THAN ONE STATE DISASTER EMERGENCY LOAN PROGRAM.
  3. A. AN IDA MAY MAKE A LOAN TO AN ELIGIBLE  ENTITY  UPON  APPLICATION
FROM  SUCH  ENTITY  THROUGH  THE  STATE DISASTER EMERGENCY LOAN PROGRAM,
PROVIDED THE IDA HAS DETERMINED THAT THE APPLICANT:
  (I) WAS A FINANCIALLY VIABLE ENTITY PRIOR TO THE STATE DISASTER  EMER-
GENCY;
  (II) CONDUCTS BUSINESS IN THE AREA SERVED BY THE IDA; AND
  (III) HAS BEEN NEGATIVELY AFFECTED BY THE STATE DISASTER EMERGENCY.
  B.  AN IDA SHALL CONSIDER THE FOLLOWING, BEFORE APPROVING THE APPLICA-
TION OF AN ELIGIBLE ENTITY FOR A LOAN UNDER THE STATE DISASTER EMERGENCY
LOAN PROGRAM:
  (I) CREDITWORTHINESS OF THE APPLICANT  PRIOR  TO  THE  STATE  DISASTER
EMERGENCY;
  (II)  THE  LEVEL OF NEGATIVE IMPACT OF THE STATE DISASTER EMERGENCY ON
THE OPERATIONS AND FINANCES OF THE APPLICANT;
  (III) APPLICANT'S PROPOSED PLAN TO USE THE FUNDS RECEIVED THROUGH THIS
PROGRAM;
  (IV) APPLICANT'S TIES TO THEIR COMMUNITY AND THE IMPACT OF THEIR  WORK
IN THE AREA SERVED BY THE IDA;
  (V)  APPLICANT'S  ASSURANCE  THAT  EFFORTS WILL BE MADE TO RETAIN JOBS
DURING THE STATE DISASTER EMERGENCY; AND
  (VI) OTHER POTENTIAL SOURCES OF FUNDING AVAILABLE TO THE APPLICANT.
  C. AN IDA SHALL GIVE PRIORITY UNDER THE STATE DISASTER EMERGENCY  LOAN
PROGRAM  TO APPLICATIONS FROM APPLICANTS SERVING HIGHLY DISTRESSED AREAS
AS DEFINED PURSUANT TO SUBDIVISION EIGHTEEN  OF  SECTION  EIGHT  HUNDRED
FIFTY-FOUR OF THIS TITLE.
  D. NO APPLICANT SHALL BE PERMITTED TO RECEIVE LOANS FROM MORE THAN ONE
IDA.
  E. ANY IDAS THAT SERVE WITHIN THE SAME MUNICIPALITIES SHALL COORDINATE
THE DISTRIBUTION OF LOANS IN THE STATE DISASTER EMERGENCY LOAN PROGRAM.
  4.  PRIOR TO ADMINISTERING A STATE DISASTER EMERGENCY LOAN PROGRAM, AN
IDA SHALL DEVELOP, AND ADOPT BY RESOLUTION, THE TERMS AND CONDITIONS  OF
SUCH LOANS, PROVIDED THAT:
  A.  THE AMOUNT OF ANY LOAN PROVIDED PURSUANT TO THIS SECTION SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS, PROVIDED THAT THE TOTAL  AMOUNT  OF
ALL  LOANS  RECEIVED  BY AN ELIGIBLE ENTITY SHALL NOT EXCEED TWENTY-FIVE
THOUSAND DOLLARS;
  B. THE LOAN AGREEMENT SHALL NOT (I) REQUIRE REPAYMENT DURING THE GRACE
PERIOD, OR (II) CHARGE INTEREST ON THE PRINCIPAL AMOUNT;

S. 8181--A                          3

  C. THE LOAN AGREEMENT SHALL REQUIRE THAT THE ELIGIBLE ENTITY REPAY THE
LOAN IN FULL NOT LATER THAN ONE YEAR AFTER THE END OF THE GRACE  PERIOD;
AND
  D.  THE  LOAN  AGREEMENT  SHALL  NOT  CONTAIN A FEE OR PENALTY FOR THE
PREPAYMENT OR EARLY PAYMENT OF THE LOAN.
  5. THE IDA SHALL OFFER CREDIT COUNSELING SERVICES  OR  REFER  ELIGIBLE
ENTITIES TO NOT-FOR-PROFIT CREDIT COUNSELORS.
  6.  A.  EACH  IDA SHALL MAINTAIN RECORDS RELATED TO THE STATE DISASTER
EMERGENCY LOAN PROGRAM, INCLUDING  A  RECORD  OF  LOANS  ISSUED  AND  OF
PAYMENTS  RECEIVED,  AND  INCLUDE  SUCH INFORMATION IN THE ANNUAL REPORT
REQUIRED BY SECTION TWENTY-EIGHT HUNDRED OF THE PUBLIC AUTHORITIES LAW.
  B. AN IDA THAT ESTABLISHES A STATE  DISASTER  EMERGENCY  LOAN  PROGRAM
PURSUANT  TO THIS SECTION SHALL SUBMIT A REPORT ON THE PROGRAM INCLUDING
BUT NOT LIMITED TO THE NUMBER AND AGGREGATE AMOUNT OF LOANS GIVEN, LOANS
FULLY REPAID, ANY OUTSTANDING LOANS, DEFAULTS  AND  BAD  DEBTS,  TO  THE
GOVERNOR,  THE  SPEAKER  OF THE ASSEMBLY, AND THE TEMPORARY PRESIDENT OF
THE SENATE ONE YEAR AFTER THE STATE DISASTER EMERGENCY ENDS.
  7. ANY INTEREST DEFERRED OR NOT  CHARGED  RELATED  TO  A  LOAN  ISSUED
PURSUANT  TO  THIS SECTION SHALL BE EXEMPT FROM ALL STATE TAXES THAT MAY
BE APPLICABLE TO SUCH INTEREST AMOUNTS AS THEY  RELATE  TO  AN  ELIGIBLE
ENTITY.  IDAS  SHALL DISCLOSE TO ELIGIBLE ENTITY BORROWERS IN LOAN DOCU-
MENTS THAT THERE MAY BE FEDERAL TAX CONSEQUENCES TO THE PROGRAM LOANS.
  8. NO NEW LOAN APPLICATIONS PURSUANT TO THIS SECTION SHALL BE ACCEPTED
AFTER THE STATE DISASTER EMERGENCY ENDS.
  § 3. This act shall take effect immediately and shall  expire  and  be
deemed repealed December 31, 2021.

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The New York State Senate

senate Bill S8181A

Sponsored By

Archive: Last Bill Status - Signed by Governor

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Votes

May 27, 2020 - floor Vote

Floor Vote: May 27, 2020

May 26, 2020 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 26, 2020

May 24, 2020 - Rules committee Vote

Rules Committee Vote: May 24, 2020

Bill Amendments

Co-Sponsors

S8181 - Details

S8181 - Summary

S8181 - Sponsor Memo

S8181 - Bill Text download pdf

Co-Sponsors

S8181A (ACTIVE) - Details

S8181A (ACTIVE) - Summary

S8181A (ACTIVE) - Sponsor Memo

S8181A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S8181A

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Sponsored By

Archive: Last Bill Status - Signed by Governor

Your Voice

Actions

Votes

May 27, 2020 - floor Vote

Floor Vote: May 27, 2020

May 26, 2020 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 26, 2020

May 24, 2020 - Rules committee Vote

Rules Committee Vote: May 24, 2020

Bill Amendments

Co-Sponsors

S8181 - Details

S8181 - Summary

S8181 - Sponsor Memo

S8181 - Bill Text download pdf

Co-Sponsors

S8181A (ACTIVE) - Details

S8181A (ACTIVE) - Summary

S8181A (ACTIVE) - Sponsor Memo

S8181A (ACTIVE) - Bill Text download pdf

Comments