Assemblyman Billy Jones (D-Chateaugay Lake) co-sponsored and helped pass legislation that would provide additional economic relief to small businesses and not-for-profit organizations that have been affected by the COVID-19 pandemic by allowing industrial development agencies (IDAs) to offer short-term loans (A.10294-A).

“As we carefully begin the reopening process, many small business owners are being faced with a lot of upfront costs to transition to a business model that complies with social distancing guidelines,” Jones said. “This crisis has already burdened our entrepreneurs tremendously, and we have to give businesses all the help that we can. Businesses need our help to get back on their feet while also ensuring that they have the resources to protect their workers. While we must continue to do more, establishing a State Disaster Loan Program will provide them some relief.”

The bill would establish a State Disaster Loan Program for industrial development agencies (IDAs) to provide loans to affected businesses and not-for-profit organizations. IDAs would be able to provide loans up to $25,000 to businesses and not-for-profit organizations that are physically located in the state and were operational prior to the declared state of emergency after evaluating the creditworthiness of the applicant prior to the emergency, the level of negative impact COVID-19 has had on the applicant, the applicant’s impact on the community, and the applicant’s assurance that efforts will be made to retain jobs during the emergency.

Furthermore, the bill would also allow IDAs to provide grants to small business and not-for-profit organizations for the purpose of purchasing personal protective equipment (PPE) or installing fixtures that are necessary for stopping the spread of the novel coronavirus.