Senate Bill S2565

2023-2024 Legislative Session

Establishes the small business employees loan forgiveness incentive program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Higher Education Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S2565 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §679-k, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7356
2021-2022: S115

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

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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