New York S 5125: Relates to assistance for certain small businesses

Bill Text

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S05125 Summary:

BILL NOS05125 

&nbsp

SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSRRAMOS, ROLISON

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MLTSPNSR

&nbsp

Amd §16-m, UDC Act

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Relates to assistance for certain small businesses including dry cleaners and those that practice nail specialty for necessary code related improvements.

Go to top S05125 Actions:

BILL NOS05125 

&nbsp

02/19/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS05125 Committee&nbspVotes:

Go to topS05125 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05125 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5125

 2025-2026 Regular Sessions

 IN SENATE

 February 19, 2025
 ___________

 Introduced by Sens. COMRIE, RAMOS, ROLISON -- read twice and ordered
 printed, and when printed to be committed to the Committee on Corpo-
 rations, Authorities and Commissions

 AN ACT to amend the New York state urban development corporation act, in
 relation to assistance for certain small businesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 16-m of section 1 of chapter 174
 2 of the laws of 1968, constituting the New York state urban development
 3 corporation act, is amended by adding a new paragraph (p) to read as
 4 follows:
 5 (p) Assistance to small businesses engaged in dry cleaning or appear-
 6 ance enhancement businesses which practice nail specialty to make capi-
 7 tal improvements through grants and flexible financing programs, includ-
 8 ing, but not limited to, loan loss reserve and revolving loan programs,
 9 working capital loans, working capital loan guarantees, or other flexi-
 10 ble financing programs that leverage traditional financing. Such finan-
 11 cial assistance shall be used to assist: (i) dry cleaning businesses
 12 for the purchase and installation of non-perchlorethylene machines and
 13 sprinkler systems to comply with state and local codes, rules and regu-
 14 lations; and (ii) appearance enhancement businesses which practice nail
 15 specialty to make capital improvements and upgrades to mechanical venti-
 16 lation systems that are necessary to comply with federal, state and
 17 local indoor air quality codes, rules and regulations. The corporation,
 18 in consultation with the environmental facilities corporation, the
 19 department of environmental conservation and the department of health,
 20 shall promulgate all necessary rules and regulations to facilitate and
 21 administer such assistance program. For the purposes of this paragraph,
 22 "small businesses" shall have the same meaning as defined in section one
 23 hundred thirty-one of the economic development law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06068-01-5

 S. 5125 2

 1 § 2. This act shall take effect on the ninetieth day after it shall
 2 have become a law; provided, however, the amendments to subdivision one
 3 of section 16-m of section 1 of chapter 174 of the laws of 1968, consti-
 4 tuting the New York state urban development corporation act, made by
 5 section one of this act, shall not affect the expiration of such section
 6 and shall be deemed to expire therewith. Effective immediately, the
 7 addition, amendment, and/or repeal of any rule or regulation necessary
 8 for the implementation of this act on its effective date are authorized
 9 to be made and completed on or before such effective date.

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