BUFFALO, N.Y. (WIVB) — So far, a bill sponsored by Sen. Tim Kennedy (D-63) has received unanimous support from the New York State Senate’s Local Government Committee.
With seven “ayes” and zero “nays” from the committee on Tuesday, Senate Bill S6312 is on the floor calendar. The bill seeks to establish “a state disaster emergency grant and loan program administered by industrial development agencies for certain small businesses.”
The legislation was first brought to the committee on April 13. Digging deeper into it, the goal of the bill is “to provide small businesses the opportunity to receive financial support for business losses resulting from a declared state or local disaster emergency, in the form of grants or loans from their local industrial development agencies.”
A small business is defined in the bill as one with no more than 50 employees.
Specifically citing the damage done by the blizzard that hit western New York just before Christmas, it says industrial development agencies (IDAs) currently aren’t able to issue grants or loans for small businesses in their communities. If this bill were to become law, that would change, allowing IDAs to provide loans of up to $25,000.
If passed, the bill would immediately take effect. Its sister bill in the New York State Assembly is currently in committee.
Evan Anstey is an Associated Press Award, JANY Award and Emmy-nominated digital producer who has been part of the News 4 team since 2015. See more of his work here and follow him on Twitter.