Establishes the New York small business relief fund consisting of monetary penalties imposed by the state liquor authority to provide grants to small businesses which have suffered economic hardship as a result of the COVID-19 pandemic.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5529
SPONSOR: Brabenec TITLE OF BILL:
An act to amend the state finance law, in relation to establishing the
New York small business relief fund
PURPOSE OR GENERAL IDEA OF BILL:
The legislation creates a fund to provide support for small businesses
affected by COVID-19-
SUMMARY OF PROVISIONS:
Section 1 amends the State Finance Law by adding a new section
99-ii,establishing a fund, which would be made available for grants to
small businesses who have suffered economic hardship as a result of the
COVID-19 pandemic.
Section 2 provides for an immediate effective date.
JUSTIFICATION:
Restaurants, hotels, other hospitality businesses, and their employees
across New York State have suffered financially because of COVID19. Many
small businesses have been forced to close their doors permanently and
many employees have lost their jobs. The New York State Small Business
Relief Fund will provide much needed grant funding assistance for small
businesses as our State begins to restart.
PRIOR LEGISLATIVE HISTORY:
01/05/22referred to small business
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect immediately
STATE OF NEW YORK
________________________________________________________________________
5529
2023-2024 Regular Sessions
IN ASSEMBLY
March 16, 2023
___________
Introduced by M. of A. BRABENEC -- read once and referred to the Commit-
tee on Small Business
AN ACT to amend the state finance law, in relation to establishing the
New York small business relief fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The state finance law is amended by adding a new section
2 99-qq to read as follows:
3 § 99-qq. New York small business relief fund. 1. There is hereby
4 established in the joint custody of the commissioner of taxation and
5 finance and the comptroller a fund to be known as the "New York state
6 small business relief fund".
7 2. The fund shall consist of all fines or penalties collected by the
8 state liquor authority pursuant to section seventeen of the alcoholic
9 beverage control law.
10 3. Monies of the fund, following appropriation by the legislature,
11 shall be made available for grants to small businesses which have
12 suffered economic hardship as a result of the COVID-19 pandemic.
13 4. For the purposes of this section (a) "small business" shall mean a
14 business employing one hundred or fewer employees; and (b) "economic
15 hardship" shall mean that a business has experienced a revenue loss
16 greater than forty percent between April two thousand twenty and Decem-
17 ber two thousand twenty compared to that same time period in the previ-
18 ous year.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08908-01-3
