Senator Rachel May (D-Onondaga, Madison, Oneida) announced Governor Andrew Cuomo signed her bill (S.8181) to establish a state disaster emergency loan program for small businesses and nonprofits administered through Industrial Development Agencies. The bill was carried by Assemblymember Al Stirpe (A.10294), chair of the Assembly Committee on Small Business.
The bill provides IDAs with the flexibility to administer programs to provide grants and loans to small businesses and non-profits that have been negatively affected by public health emergencies. The IDAs may provide loans not to exceed $25,000 per business or non-profit. They can also provide grants of up to $10,000 to businesses and non-profits to help fund equipment to provide service, such as PPE. This bill allows for individual IDAs to develop these programs but does not mandate it.
“Small businesses are the heart of our communities, and many are fighting to stay afloat right now,” said May. “As we continue to weather this public health crisis, it is our responsibility as legislators to find solutions for the many challenges facing our business community.
“Allowing IDAs to provide direct relief to small businesses and non-profits could spell the difference between survival and permanently closing their doors. I thank Governor Cuomo for his support of our small business community, and I will continue to do all I can to ensure our neighbors have opportunities to succeed.”