Bill > S01370

This bill establishes a comprehensive economic development grant program specifically designed to support businesses located in areas impacted by the Second Avenue Subway construction project in New York City. The program creates financial and technical assistance for small and micro businesses operating within 150 feet of designated construction zones who can demonstrate a significant income decline during construction periods. Qualified businesses can receive grants for various purposes, including capital improvements (such as signage, entryway modifications, and equipment), marketing costs, and targeted assistance for businesses experiencing more severe economic impacts. The bill defines a "micro business" as a state-based, independently owned enterprise with ten or fewer full-time employees. The New York State Urban Development Corporation will administer the program, offering grants covering up to 50% of project costs, and will also provide technical assistance like business planning, financing guidance, and support services. Additionally, the program includes provisions to ensure labor law compliance, including minimum wage requirements, and requires businesses to use grant funds specifically as outlined in their applications, with potential financial penalties for misuse. The goal is to help local businesses survive and potentially thrive during the disruptive subway construction process.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1370