Bill > S08169

This bill establishes the Coronavirus Pandemic Small Business and Not-for-Profit Organization Loan Program. The program allows eligible financial institutions (banks and credit unions) to make loans of up to $75,000 to small businesses and not-for-profit organizations located in New York that have experienced at least a 25% loss in sales due to the COVID-19 pandemic. The loans have a 90-day grace period after the end of the pandemic, during which no repayment is required and no interest is charged. After the grace period, the loans must be repaid in 3-6 equal installments over 180 days, with no prepayment fees. The Department of Financial Services will administer the program, guaranteeing the repayment of the loans, and the program will expire once all loans are repaid or a certain threshold of claims is reached.

Budget and Finance

https://assembly.state.ny.us/leg/?default_fld=&bn=S08169&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y