Bill > A00134

This bill establishes the New York COVID-19 Children's Fund Program to provide financial assistance to children who lost a parent, custodian, legal guardian, or related adult household member to COVID-19. Eligible children are defined as New York residents under 18 years old whose family household income is less than 500% of the federal poverty level. The program will create individual trust accounts for each eligible child, depositing $1,000 initially and then $1,000 annually, with funds invested to generate returns similar to a 30-year treasury bond. These accounts can only be accessed by the child when they turn 18 and can be used for qualified expenses like education, home ownership, or starting a business. A nine-member board will oversee the program, including state officials and appointed experts, and will be responsible for administering the fund, developing outreach strategies, and ensuring transparency. The program aims to provide economic opportunities and support for children who have lost a family member to COVID-19, regardless of the child's immigration status. An advisory workgroup will be convened to help design the program's implementation, focusing on eligibility criteria, data sharing, outreach, and investment strategies.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A134