Bill > A04255

This bill establishes a comprehensive economic development grant program specifically designed to support businesses located in areas affected by the Second Avenue Subway construction project. The program provides financial and technical assistance to small and micro businesses within a designated construction zone, defined as specific areas along 2nd Avenue, side streets, and surrounding neighborhoods in Manhattan. Businesses can qualify for grants if they demonstrate a 10% decline in taxable income compared to their base fiscal year, with additional support levels for "endangered businesses" (30% income decline) and "terminal businesses" (50% income decline). The grants can be used for various purposes including capital improvements (like signage, entryway modifications, and equipment), marketing costs, payroll assistance, rental support, utility payments, and professional services. The New York State Urban Development Corporation will administer the program, offering not just financial aid but also technical assistance such as help with financing applications, budget development, and workplace policy design. The bill also formally defines a "micro business" as a state-based, independently owned enterprise with ten or fewer full-time employees, ensuring clarity in program eligibility. Recipients must adhere to labor laws, including minimum wage provisions, and can receive up to 50% of their total project costs through annual grants or service contracts.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A4255