senate Bill S1976

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee

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

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 16, 2021 referred to finance


S1976 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Financial Services
Versions Introduced in 2019-2020 Legislative Session:

S1976 (ACTIVE) - Summary

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

S1976 (ACTIVE) - Sponsor Memo

S1976 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2021-2022 Regular Sessions
                             I N  S E N A T E
                             January 16, 2021
 Introduced  by Sens. JACKSON, PERSAUD -- read twice and ordered printed,
   and when printed to be committed to the Committee on Finance
 AN ACT in relation to establishing the coronavirus pandemic small  busi-
   ness and not-for-profit organization loan program
   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
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.


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