What's happening
This bill provides loans, grants, and financial assistance to small businesses impacted or displaced by state and local infrastructure projects.
Why it matters
Targets small, independently owned businesses. The bill specifically supports businesses with 100 or fewer full-time employees, ensuring assistance is focused on the most vulnerable local enterprises rather than larger corporations.
Addresses disruptions from infrastructure projects. By providing financial help to businesses displaced or disrupted by state and local construction (like highways, bridges, water or sewer projects), the bill acknowledges that public works often unintentionally harm nearby commerce.
Links aid to job retention and creation. To qualify, businesses must show that the financial assistance will help retain or create permanent private-sector jobs in New York, tying public investment to broader economic benefits.
Expands the scope of existing economic development tools. The bill amends current laws to allow for a wider range of support—including grants, loans, and interest subsidies—potentially making it easier for affected businesses to access the type of aid they need most.
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Who cares
Headline styles
Aid for Disrupted Small Businesses
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 4
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Aid for Disrupted Small Businesses
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8548
IN SENATE
May 9, 2018
Introduced by Sen. BOYLE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the urban development corporation act and the state finance law, in relation to businesses impacted or dislocated by state and local infrastructure projects
The People of the State of New York, represented in Senate and Assembly, 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) Loans, loan guarantees and grants including interest subsidy grants to businesses impacted or dislocated by state and local infrastructure projects including, but not limited to, highway, bridge, water treatment and sewer projects.
§ 2. Subdivision 11 of section 213 of the state finance law is amended by adding a new paragraph (h) to read as follows:
(h) any business that is significantly impacted or dislocated by state and local infrastructure projects including, but not limited to, highway, bridge, water treatment and sewer projects, is independently owned and operated, employs one hundred or fewer persons on a full-time basis within the state, and by seeking financing through the program or a project, will result in the retention or creation of permanent private sector jobs within the state.
§ 3. This act shall take effect immediately; provided, however, that the amendments to section 16-m of the urban development corporation act made by section one of this act shall not affect the expiration of such section and shall be deemed to expire therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05806-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the urban development corporation act and the state finance law, in relation to businesses impacted or dislocated by state and local infrastructure projects
Purpose or general idea of bill
This legislation would allow for qualifying small businesses to receive loans or grants under the Economic Development Fund and low-interest loans through the linked deposit program in order to mitigate any impact state or local infrastructure projects might have had on such busi- nesses.
Summary of provisions
Section one amends the Urban Development Corporation Act by adding the ability for businesses impacted by state or local infrastructure projects to be able to apply for funding opportunities under the Econom- ic Development Fund.
Section two amends the State Finance Law by adding a definition of busi- nesses dislocated by state and local infrastructure projects. This addition will allow for such businesses to qualify for low-interest rate loans through linked deposit programs.
Justification
While infrastructure projects are key to the economic development of our communities, small businesses that are located within the project zone may face significant fiscal difficulties due to consumers' inability to access their store fronts or to less foot traffic in the area. This legislation would allow for the businesses significantly affected by such projects to apply for funding under the Economic Development Fund or a low-interest loan through a linked deposit program in order to keep their doors open throughout the construction periods.
Legislative history
2015-2016: A.10238.
Fiscal implications
Undetermined.
Effective date
This act shall take effect immediately; provided, however, that the amendments to section 16-m of the Urban Development Corporation Act made by section one of this act shall not affect the expiration of such section and shall be deemed to expire therewith.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.