New York State Assembly

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A05529 Summary:

BILL NO	A05529
SAME AS	No Same As
SPONSOR	Brabenec
COSPNSR	Novakhov, Brook-Krasny
MLTSPNSR
Add §99-qq, St Fin L
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.

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A05529 Memo:

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

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