Bill
S 1638
Overview: S 1638, the "New York Business Emergency Relief Act of 2025," was introduced in the Senate on May 7, 2025 and referred to the Committee on Finance.Purpose and Intent: The
Overview: S 1638, the "New York Business Emergency Relief Act of 2025," was introduced in the Senate on May 7, 2025 and referred to the Committee on Finance.
Purpose and Intent: The bill aims to provide emergency financial assistance and relief measures to businesses in New York that have been adversely affected by the COVID-19 pandemic or other significant economic disruptions. It seeks to help these businesses maintain operations, retain employees, and recover from the financial impacts of these crises.
Key Provisions:
- Establishes a $2 billion "New York Business Emergency Relief Fund" to provide grants and low-interest loans to eligible small and medium-sized businesses.
- Authorizes the state to defer or forgive certain business taxes and fees for a specified period to provide immediate financial relief.
- Requires the state to develop a comprehensive support program to connect businesses with resources, technical assistance, and other forms of aid.
- Directs the state to prioritize assistance for businesses in economically disadvantaged or underserved communities.
Affected Parties and Impacts: The bill would directly benefit businesses in New York that have been negatively impacted by the COVID-19 pandemic or other economic disruptions, helping them maintain operations, retain employees, and recover financially. It could also have broader economic implications for the state's overall economic recovery and resilience.
Procedural and Timeline Considerations: The bill has been referred to the Senate Committee on Finance for further consideration and potential amendments.
Compiled from official sources — confirm details with the bill’s official record.
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