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File #: Int 1958-2020    Version: * Name: Reporting on financial assistance received by small businesses impacted by COVID-19.
Type: Introduction Status: Laid Over in Committee
Committee: Committee on Small Business
On agenda: 5/28/2020
Enactment date: Law number:
Title: A Local Law in relation to reporting on financial assistance received by small businesses impacted by COVID-19
Sponsors: Donovan J. Richards, Brad S. Lander, Ben Kallos, Francisco P. Moya, Margaret S. Chin, Alicka Ampry-Samuel , Mark Gjonaj , Diana Ayala
Council Member Sponsors: 8
Summary: This bill would require the Department of Small Business Services to prepare a report detailing which businesses receive a grant or loan from the New York City Employee Retention Program or New York City Small Business Continuity Loan Fund, both created to help small businesses with revenue losses because of the novel coronavirus, COVID-19. The report will include the name, location and amount of grant or loan SBS gave to each business. SBS will submit the report to the Mayor and Speaker of the City Council and make the information publicly available by posting the report on its website.
Indexes: Report Required, Sunset Date Applies
Attachments: 1. Summary of Int. No. 1958, 2. Int. No. 1958, 3. May 28, 2020 - Stated Meeting Agenda with Links to Files, 4. Hearing Transcript - Stated Meeting 5-28-20, 5. Minutes of the Stated Meeting - May 28, 2020, 6. Committee Report 8/13/20
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
8/13/2020*Donovan J. Richards Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
8/13/2020*Donovan J. Richards Committee on Small Business Laid Over by Committee  Action details Meeting details Not available
5/28/2020*Donovan J. Richards City Council Referred to Comm by Council  Action details Meeting details Not available
5/28/2020*Donovan J. Richards City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1958

 

By Council Members Richards, Lander, Kallos, Moya, Chin, Ampry-Samuel, Gjonaj and Ayala

 

A Local Law in relation to reporting on financial assistance received by small businesses impacted by COVID-19

 

Be it enacted by the Council as follows:

 

Section 1. Small business COVID-19 financial assistance report. a. Definitions. For purposes of this local law the following terms have the following meanings:

Employee retention program. The term “employee retention program” means the program created by the mayor in March 2020 to provide grants covering a percentage of payroll for a limited amount of time to certain small businesses experiencing a loss of revenue because of the novel coronavirus, COVID-19.

Small business continuity loan fund. The term “small business continuity loan fund” means the fund created by the mayor to provide zero-interest loans to certain small businesses that experienced decreased sales revenue because of the novel coronavirus, COVID-19.

b. No later than 60 days after the effective date of this local law, the department of small business services shall post on its website and submit to the mayor and speaker of the council a report that details each business that received a grant pursuant to the employee retention program and each business that received a loan pursuant to the small business continuity loan fund. The report shall include, at minimum:

1. The name of the business;

2. The location of the business, including cross streets, ZIP code and neighborhood; and

3. The loan or grant amount the business received.

§ 2. This local law takes effect immediately, and expires and is deemed repealed upon final submission of the report as required by section one of this local law.

 

 

 

 

 

JSA

LS #14657

5/13/2020