Bill > S02284

This bill requires contractors receiving public funds for projects over $25,000 (where public funds constitute at least 30% of total project costs) to pay small businesses and minority-owned business enterprises within 10 business days of receiving an undisputed invoice. The bill defines key terms such as "small business" (a state-resident, independently owned business with 100 or fewer employees), "minority-owned business enterprise" (as defined in existing executive law), and "public funds" (which includes direct monetary payments, reduced fees, tax credits, and other financial benefits from public entities). If a contractor fails to pay within the specified timeframe, they will be required to pay interest on the outstanding amount at the current interest rate. The bill specifically excludes construction and infrastructure projects for state agencies from these requirements. The legislation aims to protect smaller businesses by ensuring prompt payment and providing a clear mechanism for financial recourse if payment is delayed.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2284