senate Bill S115

2021-2022 Legislative Session

Establishes the small business employees loan forgiveness incentive program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Higher Education 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
Jan 06, 2021 referred to higher education

S115 (ACTIVE) - Details

See Assembly Version of this Bill:
A917
Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §679-k, Ed L
Versions Introduced in 2019-2020 Legislative Session:
S7356, A9769

S115 (ACTIVE) - Summary

Establishes the small business employees loan forgiveness incentive program for applicants who agree to engage in employment at a small business registered to do business in New York state; establishes the eligibility for such awards; establishes the amount and duration of such awards.

S115 (ACTIVE) - Sponsor Memo

S115 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    115
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 AN ACT to amend the education law, in relation  to  creating  the  small
   business employees loan forgiveness incentive program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  679-k
 to read as follows:
   §  679-K.  NEW  YORK  STATE  SMALL BUSINESS EMPLOYEES LOAN FORGIVENESS
 INCENTIVE PROGRAM. 1. PURPOSE.  THE PRESIDENT SHALL GRANT  STUDENT  LOAN
 FORGIVENESS  AWARDS FOR THE PURPOSE OF INCREASING THE NUMBER OF INDIVID-
 UALS WHO CHOOSE TO WORK FOR A SMALL BUSINESS IN NEW YORK STATE.
   2. ELIGIBILITY. (A) TO BE ELIGIBLE TO RECEIVE  AN  AWARD  PURSUANT  TO
 THIS  SECTION, AN APPLICANT MUST BE A RESIDENT OF NEW YORK STATE WHO HAS
 GRADUATED FROM AN INSTITUTION OF HIGHER EDUCATION AND HAS AN OUTSTANDING
 STUDENT LOAN DEBT.
   (B) SUCH AWARDS SHALL BE MADE ANNUALLY  TO  ELIGIBLE  APPLICANTS  WHO,
 PRIOR  TO  ACCEPTING SUCH AWARDS, ENGAGED IN TWELVE MONTHS OF SERVICE AS
 AN EMPLOYEE OF A SMALL BUSINESS REGISTERED TO DO BUSINESS IN  THE  STATE
 OF  NEW  YORK  AND,  HAVE  AN ANNUAL SALARY OF FIFTY THOUSAND DOLLARS OR
 LESS.  SUCH AWARDS SHALL NOT EXCEED AN AMOUNT OF  TWELVE  THOUSAND  FIVE
 HUNDRED  DOLLARS  AND  SHALL BE MADE TO SUCH APPLICANTS, PURSUANT TO THE
 FOLLOWING SCHEDULE:
   (I) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE FIRST YEAR;
   (II) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE SECOND YEAR;
   (III) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE THIRD YEAR;
   (IV) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE FOURTH YEAR;
   (V) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE FIFTH YEAR;
   (VI) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE SIXTH YEAR;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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