Assembly Actions -
Senate Actions - UPPERCASE
|Jan 23, 2023||
referred to higher education
Senate Bill S2565
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Higher Education Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S2565 (ACTIVE) - Details
2023-S2565 (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.
2023-S2565 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2565 SPONSOR: COONEY TITLE OF BILL: An act to amend the education law, in relation to creating the small business employees loan forgiveness incentive program PURPOSE: This legislation creates a loan forgiveness program for eligible employ- ees of small business. SUMMARY OF PROVISIONS: Section 1 adds a new section 679-k to the education law creating the New York State Small Business Employees Loan Forgiveness incentive program. To be eligible an applicant must be a resident of New York who has grad- uated from an institution of higher learning and has an outstanding student loan debt. This individual would have to be employed for twelve months as an employee of a small business and have an annual salary of $50,000 or beloW. Awards are annual for a period of 10 years and capped
2023-S2565 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2565 2023-2024 Regular Sessions I N S E N A T E January 23, 2023 ___________ Introduced by Sen. COONEY -- 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; (VII) TEN PERCENT TO BE AWARDED UPON THE COMPLETION OF THE SEVENTH YEAR; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02850-01-3
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