Senator Anna M. Kaplan (D-Great Neck) and the Senate Democratic Majority this week will advance legislation to boost small businesses across the state and help grow New York’s economy. Small businesses are often unable to get the necessary funds to grow and remain unaware of state assistance that is available to them. The legislation being advanced by Senator Kaplan and the Senate Majority will help small businesses by closing the information gap and improving small businesses’ access to state capital assistance. Additionally, these bills will create crime prevention services for small businesses and increase reporting on potentially negative effects new rules and regulations may have on small businesses across New York.
Chair of the Senate Committee on Commerce, Economic Development and Small Business, Senator Anna M. Kaplan, said, “Small businesses are the lifeblood of our communities, supporting thousands of local jobs, and helping New York to have a more robust and diversified economy. As Chair of the Committee on Commerce, Economic Development and Small Business, I have a solemn duty to ensure that New York State is focused on supporting our small businesses, and ensuring that they aren’t overburdened by red tape and confusing regulations. The Small Business Support and Regulatory Relief Agenda that we are advancing will help small businesses to get the assistance they need to grow and thrive, and ensure that lawmakers have the necessary tools to craft smart regulations that are mindful of the impact they have on small businesses.”
“Small businesses are essential job creators and economic drivers,” Senate Majority Leader Andrea Stewart-Cousins said. “The bills advanced by the Senate Majority will provide small businesses with support and opportunities to grow, expand, and unleash their full potential. I applaud Commerce, Economic Development and Small Business Committee Chair Senator Anna Kaplan, and all the bill sponsors, for their hard work to help New York small businesses.”
The legislation being advanced by Senator Kaplan and the Senate Majority includes:
- Small Business Assistance Programs List: This bill, S.7350, sponsored by Senator Anna M. Kaplan, directs Empire State Development to compile and maintain a list of small business assistance programs and have it available on their website.
- Department of State Confirmation Receipts: This bill, S.7355A, sponsored by Senator Anna M. Kaplan, requires the Department of State to send confirmation receipts by mail and email, as well as include contact information of relevant regional offices and resources available to support and assist new businesses.
- Small Business Liaison: This bill, S.7357, sponsored by Senator Anna M. Kaplan, directs five state agencies, (Departments of Agriculture & Markets, Environmental Conservation, Transportation, Labor and Taxation & Finance) to appoint an existing employee as the small business liaison to serve as the primary contact for business looking to interact with the agency.
- Additional Reporting on Impact of New Rules: This bill, S.2839A, sponsored by Senator Anna M. Kaplan, would require additional reporting on the potential negative effects that new rules or regulations could have on jobs and employment opportunities in New York.
- Small Business Regional Revolving Fund: This bill, S.844A, sponsored by Senator Brian Benjamin, renames the “Regional Revolving Loan Program” to the “Small Business Regional Revolving Fund” and allows the fund to be used for new loans for microenterprises and refinancing of existing loans.
- Small Business Compliance Guide: This bill, S.6800A, sponsored by Senator Jen Metzger, will require Empire State Development (ESD) to provide an annual small business compliance guide outlining various rules, regulations, and laws enacted in the previous year that affect small businesses, as well as be required to conduct a public awareness campaign of those changes.
- Small Business Crime Prevention Services: This bill, S.7123, sponsored by Senator Roxanne Persaud, establishes the small business crime prevention services program to provide small businesses with resources to prevent crimes affecting small businesses. Additionally, the bill authorizes Empire State Development to provide loans to small business municipalities, not-for-profit corporations or other organizations for preventing crimes against small businesses.
- Increase the Excelsior Linked Deposit Program Cap: This bill, S.6165, sponsored by Senator James Sanders Jr., increases the lifetime cap on the total amount a borrower can borrow under the Excelsior Linked Deposit Program (ELDP) from $2 million to $5 million.
