| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 06, 2024 |
recommit, enacting clause stricken |
| Jan 03, 2024 |
referred to commerce, economic development and small business |
| Apr 24, 2023 |
referred to commerce, economic development and small business |
Senate Bill S6490
2023-2024 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - Stricken
Actions
co-Sponsors
(D, WF) Senate District
2023-S6490 (ACTIVE) - Details
2023-S6490 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6490
SPONSOR: KENNEDY
TITLE OF BILL:
An act to amend the economic development law, the state finance law and
the New York state urban development corporation act, in relation to
making small business loans available to microbusinesses
PURPOSE::
To provide that microbusinesses in New York are eligible for small busi-
ness revolving loans and the linked deposit interest rate reductions.
SUMMARY OF PROVISIONS::
Section 1 adds a new section 131-a to the economic development law to
include the definition of a microbusiness as one that is resident in New
York state, independently owned and operated, not dominant in its field,
and employs under five persons.
Section 2 amends paragraph f subdivision 11 of section 213 of the state
2023-S6490 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6490
2023-2024 Regular Sessions
I N S E N A T E
April 24, 2023
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Commerce, Economic Devel-
opment and Small Business
AN ACT to amend the economic development law, the state finance law and
the New York state urban development corporation act, in relation to
making small business loans available to microbusinesses
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The economic development law is amended by adding a new
section 131-a to read as follows:
§ 131-A. DEFINITION OF A MICROBUSINESS. FOR THE PURPOSES OF THIS CHAP-
TER, A MICROBUSINESS SHALL BE DEEMED TO BE A BUSINESS THAT IS RESIDENT
IN THIS STATE, INDEPENDENTLY OWNED AND OPERATED, NOT DOMINANT IN ITS
FIELD AND EMPLOYS UNDER FIVE PERSONS.
§ 2. Paragraphs (h) and (h) of subdivision 11 of section 213 of the
state finance law, paragraph (h) as added by section 1 of part BB of
chapter 58 of the laws of 2022, and paragraph (h) as added by chapter
587 of the laws of 2022, are amended and a new paragraph (j) is added to
read as follows:
(h) a community development financial institution[.]; OR
[(h)](I) any certified service-disabled veteran-owned business enter-
prises seeking financing necessary to carry out a procurement contract
with an agency or authority or other entity of the state or federal
government[.]; OR
(J) A MICROBUSINESS, AS DEFINED BY SECTION ONE HUNDRED THIRTY-ONE-A OF
THE ECONOMIC DEVELOPMENT LAW, THAT HAS BEEN IN OPERATION FOR FIVE YEARS
AND THAT IS LOCATED IN AN EMPIRE ZONE, EMPOWERMENT ZONE, A HIGHLY
DISTRESSED AREA OR RENEWAL COMMUNITY.
§ 3. Section 16-t of section 1 of chapter 174 of the laws of 1968,
constituting the urban development corporation act is amended by adding
a new subdivision 17 to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05061-01-3
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