Senate Bill S115

                            
 
                     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.
              

                                                            LBD02025-01-1

 S. 115                              2
 
   (VII) TEN PERCENT TO BE AWARDED UPON THE  COMPLETION  OF  THE  SEVENTH
 YEAR;
   (VIII)  TEN  PERCENT  TO  BE AWARDED UPON THE COMPLETION OF THE EIGHTH
 YEAR;
   (IX) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE NINTH  YEAR;
 AND
   (X) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE TENTH YEAR.
   (C)  RECIPIENTS  OF  SUCH  AWARDS SHALL BE ELIGIBLE TO APPLY FOR OTHER
 AWARDS ESTABLISHED UNDER THIS CHAPTER.
   3. DURATION. SUCH AWARDS SHALL BE MADE ANNUALLY, FOR NO MORE THAN  TEN
 YEARS,  TO APPLICANTS WHO REMAIN ELIGIBLE UNDER THIS SECTION AND WHO ARE
 CERTIFIED AS SUCH BY THE CORPORATION.
   4. AMOUNT. THE CORPORATION SHALL GRANT SUCH AWARDS WITHIN THE  AMOUNTS
 APPROPRIATED  FOR SUCH PURPOSE AND BASED ON THE AVAILABILITY OF FUNDS IN
 AN AMOUNT NOT TO EXCEED THE TOTAL COST OF THE COMPLETION OF SUCH  DEGREE
 PROGRAMS.  COST  OF COMPLETION OF SUCH DEGREES SHALL INCLUDE: TUITION AT
 AN INSTITUTION OF HIGHER EDUCATION APPROVED OR REGISTERED BY THE REGENTS
 AND OTHER REQUIRED OR REASONABLE STUDENT FEES.
   5. DEFINITION. FOR THE PURPOSES  OF  THIS  SECTION,  "SMALL  BUSINESS"
 SHALL  HAVE  THE  SAME  MEANING  AS  SUCH TERM IS DEFINED IN SECTION ONE
 HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW.
   6. RULES AND REGULATIONS. AWARDS SHALL BE MADE ON A COMPETITIVE  BASIS
 AS  PROMULGATED  BY  THE CORPORATION FOR SUCH PURPOSES TO APPLICANTS WHO
 MEET THE ELIGIBILITY CRITERIA. SUCH RULES AND REGULATIONS SHALL  INCLUDE
 PROVISIONS  FOR  THE  CONSIDERATION  OF  APPLICANTS WHO ARE ECONOMICALLY
 DISADVANTAGED.
   § 2. This act shall take effect on the first of April next  succeeding
 the date upon which it shall have become a law.