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Bill

A 4967

Enacts the "microbusiness resiliency and growth act"

2025 Regular Session Introduced by Al Stirpe

The Microbusiness Resiliency and Growth Act provides grants, loans, and support to help microbusinesses recover, grow, and strengthen local economies.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 4967

Summary of Bill A 4967: Microbusiness Resiliency and Growth Act

Bill Overview

  • Bill Number: A 4967
  • Title: Microbusiness Resiliency and Growth Act
  • Status: Referred to Ways and Means
  • Introduced On: February 10, 2025
  • Classification: Legislative Bill

Purpose and Intent

The Microbusiness Resiliency and Growth Act aims to support and enhance the sustainability of microbusinesses across the state. Recognizing the vital role that small enterprises play in local economies, this legislation seeks to provide targeted assistance to help these businesses recover from economic challenges and foster long-term growth.

Key Provisions

While the specific text of the bill has not been detailed, the following provisions are typically included in similar legislation aimed at supporting microbusinesses:

  • Financial Assistance: Establishment of grant programs or low-interest loans specifically for microbusinesses to aid in recovery and expansion efforts.
  • Technical Support: Provision of resources and training programs to help microbusiness owners improve their operational efficiency and market reach.
  • Tax Incentives: Potential tax breaks or credits for microbusinesses that meet certain criteria, encouraging investment and job creation.
  • Networking Opportunities: Creation of platforms for microbusinesses to connect with each other and with larger enterprises, fostering collaboration and resource sharing.

Who Would Be Affected

The primary beneficiaries of the Microbusiness Resiliency and Growth Act would include:
- Microbusiness Owners: Individuals or small teams operating businesses with limited revenue and workforce, typically defined as having fewer than 10 employees.
- Local Economies: Communities that rely on the vitality of small businesses for job creation and economic diversity.
- Consumers: Residents who benefit from a diverse marketplace and the services provided by microbusinesses.

Procedural Aspects

  • The bill was introduced on February 10, 2025, and has been referred to the Ways and Means Committee for further consideration.
  • The legislative process will involve discussions, potential amendments, and votes within the committee before it can advance to the full legislative body.

Related Legislation

  • A 7541: A prior-session bill that may have addressed similar issues or provided a foundation for the current proposal.
  • S 6359: A companion bill in the Senate, which may parallel the provisions of A 4967 and facilitate a more comprehensive legislative approach to supporting microbusinesses.

Conclusion

The Microbusiness Resiliency and Growth Act represents a significant step towards bolstering the microbusiness sector, which is crucial for economic stability and growth. As the bill progresses through the legislative process, stakeholders will be watching closely to see how it evolves and what specific measures will be implemented to support these vital enterprises.

Compiled from official sources — confirm details with the bill’s official record.

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