|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 16, 2021||referred to finance|
senate Bill S1976
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1976 (ACTIVE) - Details
S1976 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1976 SPONSOR: JACKSON TITLE OF BILL: An act in relation to establishing the coronavirus pandemic small busi- ness and not-for-profit organization loan program PURPOSE: This bill allows small businesses and not-for-profit's to apply for no-interest loans up to $75,000 if their business or not-for-profit has suffered a loss because of the coronavirus pandemic. SUMMARY OF PROVISIONS: Section 1 outlines the following terms, "affected businesses", "bank", "credit union", "department", "eligible financial institution", "grace period", "small business", "small not-for-profit organization", and "coronavirus pandemic."
S1976 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1976 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 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 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.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.