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History
- Committee discharged and committed to social services
- Referred to social services, children and families
- Referred to social services
- Referred to social services, children and families
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the social services law, in relation to establishing the community capital loan program and providing for the filing of a report thereon
Purpose
To allow individuals on public assistance and the working poor to qualify for small, low-interest loans for the purpose of becoming self-employed.
Summary of provisions
Section 1 amends the social services law by adding a new section 131-bb, which does the following:
Subdivision 1 authorizes the Department of Labor to solicit proposals to establish programs to be known as community capital loan programs. Such programs shall provide small, low interest loans to persons with incomes below two hundred percent of the federal poverty level for the purpose of assisting the loan recipient to become self-employed. Such loans shall not constitute income or resources for the purposes of public assistance so long as the funds are used for the intended purpose; Subdivision 2 authorizes the Commissioner of Labor to enter into written agreements with not-for-profit organizations or local government agencies (program site) for the purpose of administering loan pools; Subdivision 3 designates how sites will be approved and how funds will be applied.
Section 2 outlines the necessary information to be reported by the program site to the Department of Labor, and from the Department of Labor to the Legislature.
Justification
With more individuals moving from welfare to work, it is necessary to create stable, decent-paying jobs that will allow individuals to remain off public assistance. One way to address this problem is by encouraging self-employment for those who have the capability. Several agencies in Albany County have indicated that they would like to provide loans to welfare recipients for the purpose of becoming self-employed. Further, as large corporations downsize, small business is one of the fastest growing employment sectors in our economy. Facilitating self-employment for both welfare recipients and the working poor will allow them to enter this growing field. Creating a "community capital loan program" would benefit welfare recipients across the state. It may also prevent certain low-income individuals from ever becoming dependent on public assistance.
Legislative history
2007/2008 - S.742 Remained in the Senate Committee on Social Services, Children and Families 2005/2006 - S.234 Remained in the Senate Committee on Social Services, Children and Families 2003/2004 - S.491 Remained in the Senate Committee on Social Services 2001/2002 - S.3097 Remained in the Senate Committee on Social Services
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.