|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 25, 2021||referred to ways and means|
delivered to assembly
|May 24, 2021||advanced to third reading|
|May 20, 2021||2nd report cal.|
|May 19, 2021||1st report cal.1210|
|May 04, 2021||reported and committed to finance|
|Apr 26, 2021||referred to corporations, authorities and commissions|
senate Bill S6394
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6394 (ACTIVE) - Details
S6394 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6394 SPONSOR: BAILEY TITLE OF BILL: An act to amend the New York state urban development corporation act and the economic development law, in relation to the creation of micro-busi- ness worker cooperatives upon transfer of ownership PURPOSE OR GENERAL IDEA OF BILL: This bill would provide for assistance in the creation of micro-business worker cooperatives upon transfer of ownership of an existing business. SUMMARY OF PROVISIONS: This bill would add a new paragraph (o) to subdivision 1 of section 16-m of the New York State Urban Development Corporation Act that would make micro-business worker cooperatives upon transfer of ownership of an existing business, eligible to apply for assistance under the Economic Development Fund.
S6394 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6394 2021-2022 Regular Sessions I N S E N A T E April 26, 2021 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act and the economic development law, in relation to the creation of micro-bu- siness worker cooperatives upon transfer of ownership THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 16-m of section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new paragraph (o) to read as follows: (O) ASSISTANCE TO ELIGIBLE ENTITIES PURSUANT TO ARTICLE FIVE-A OF THE COOPERATIVE CORPORATIONS LAW TO PROVIDE FINANCING IN THE FORM OF LOANS, LOAN GUARANTEES, AND INTEREST SUBSIDY GRANTS TO SUBSIDIZE LOANS FROM FEDERALLY CHARTERED INSTRUMENTALITIES AND STATE AND PRIVATE LENDING INSTITUTIONS TO FACILITATE THE CREATION OF WORKER COOPERATIVES THAT PROMOTE CONTINUATION OF EXISTING MICRO-BUSINESSES EITHER AS A PART OF A PREEXISTING BUSINESS SUCCESSION OF OWNERSHIP PLAN OR AS ALTERNATIVE OPTION IF A BUSINESS IS BEING OFFERED FOR SALE OR TRANSFER BY THE CURRENT OWNER OR THE HEIRS OR ESTATE OF A DECEASED OWNER. FOR THE PURPOSES OF THIS SECTION, A MICRO-BUSINESS SHALL BE DEFINED AS A BUSI- NESS WITH FIVE OR LESS FULL-TIME OR FULL-TIME EQUIVALENT EMPLOYEES. ALL ELIGIBLE ENTITIES SHALL BE REQUIRED TO SUBMIT A BUSINESS PLAN WITH THEIR APPLICATION REQUESTING ASSISTANCE. § 2. The opening paragraph of section 104-a of the economic develop- ment law, as added by chapter 788 of the laws of 1983, is amended to read as follows: With respect to employee ownership assistance loans provided for in subtitle six of title eight of article eight of the public authorities law AND PARAGRAPH (O) OF SUBDIVISION ONE OF SECTION SIXTEEN-M OF SECTION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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