Bill > A10208

This bill establishes the Coronavirus Pandemic Small Business and Not-for-Profit Organization Loan Program, which allows the Department of Financial Services to guarantee the repayment of loans made by eligible financial institutions (banks or credit unions) to small businesses and not-for-profit organizations located in New York that have experienced a 25% or more loss in sales due to the COVID-19 pandemic. The loans have a 90-day grace period with no repayment or interest accrual, followed by a 180-day repayment period in three to six equal installments. Eligible financial institutions can apply to participate in the program, and affected businesses and organizations can apply for up to three loans of up to $75,000 each. The program will expire once all loans are repaid or the Department ceases approving new claims.

Business and Industry

https://assembly.state.ny.us/leg/?default_fld=&bn=A10208&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y