NYC Council Introduction 841

intro.nyc/0841-2024 2024-2025 Legislative Session
Provision of interest-free loans to small businesses, non-profits and freelance workers following certain emergency circumstances
Status: Committee Committee on Small Business
Sponsored by Public Advocate Jumaane Williams
Introduced: April 18, 2024

This bill would require the Department of Small Business Services to create an interest-free loan program for small businesses, non-profit organizations and freelance workers forced to close or operate at reduced capacity due to the impacts of a natural disaster, state of emergency or other emergency circumstances. Qualifying small businesses would be able to use these loans for operating expenses such as rent, payroll, insurance, equipment and inventory costs.