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File #: Int 1958-2020    Version: Name: Reporting on financial assistance received by small businesses impacted by COVID-19.
Type: Introduction Status: Enacted
Committee: Committee on Small Business
On agenda: 5/28/2020
Enactment date: 9/27/2020 Law number: 2020/094
Title: A Local Law in relation to reporting on financial assistance received by small businesses impacted by COVID-19
Sponsors: Donovan J. Richards, Brad S. Lander, Ben Kallos, Francisco P. Moya, Margaret S. Chin, Alicka Ampry-Samuel , Mark Gjonaj , Diana Ayala , Paul A. Vallone, Farah N. Louis, Helen K. Rosenthal, Peter A. Koo
Council Member Sponsors: 12
Summary: This bill would require the Department of Small Business Services to prepare a report detailing which businesses received a grant or loan from the New York City Employee Retention Program or New York City Small Business Continuity Loan Fund, both created to help small businesses with revenue losses because of the novel coronavirus, COVID-19. For each business that received a grant or loan, the report would include the Council District, zip code, industry type including whether the recipient is a mobile business, and the amount of grant or loan received by the business. SBS would submit the report to the Mayor and Speaker of the City Council and make the information publicly available by posting the report on its website.
Indexes: Report Required, Sunset Date Applies
Attachments: 1. Summary of Int. No. 1958-A, 2. Summary of Int. No. 1958, 3. Int. No. 1958, 4. May 28, 2020 - Stated Meeting Agenda with Links to Files, 5. Hearing Transcript - Stated Meeting 5-28-20, 6. Minutes of the Stated Meeting - May 28, 2020, 7. Committee Report 8/13/20, 8. Hearing Testimony 8/13/20, 9. Hearing Testimony 8/13/20 (Con't), 10. Hearing Transcript 8/13/20, 11. Proposed Int. No. 1958-A - 8/31/20, 12. Committee Report 8/27/20, 13. Hearing Transcript 8/27/20, 14. Committee Report - Stated Meeting, 15. August 27, 2020 - Stated Meeting Agenda with Links to Files, 16. Hearing Transcript - Stated Meeting 8-27-20, 17. Minutes of the Stated Meeting - August 27, 2020, 18. Int. No. 1958-A (FINAL), 19. Fiscal Impact Statement, 20. Legislative Documents - Letter to the Mayor, 21. Local Law 94
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
9/28/2020ADonovan J. Richards City Council Returned Unsigned by Mayor  Action details Meeting details Not available
9/27/2020ADonovan J. Richards Administration City Charter Rule Adopted  Action details Meeting details Not available
8/27/2020ADonovan J. Richards City Council Sent to Mayor by Council  Action details Meeting details Not available
8/27/2020ADonovan J. Richards City Council Approved by CouncilPass Action details Meeting details Not available
8/27/2020*Donovan J. Richards Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
8/27/2020*Donovan J. Richards Committee on Small Business Amendment Proposed by Comm  Action details Meeting details Not available
8/27/2020*Donovan J. Richards Committee on Small Business Amended by Committee  Action details Meeting details Not available
8/27/2020ADonovan J. Richards Committee on Small Business Approved by CommitteePass Action details Meeting details Not available
8/13/2020*Donovan J. Richards Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
8/13/2020*Donovan J. Richards Committee on Small Business Laid Over by Committee  Action details Meeting details Not available
5/28/2020*Donovan J. Richards City Council Referred to Comm by Council  Action details Meeting details Not available
5/28/2020*Donovan J. Richards City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1958-A

 

By Council Members Richards, Lander, Kallos, Moya, Chin, Ampry-Samuel, Gjonaj, Ayala, Vallone, Louis, Rosenthal and Koo

 

A Local Law in relation to reporting on financial assistance received by small businesses impacted by COVID-19

 

Be it enacted by the Council as follows:

 

Section 1. Small business COVID-19 financial assistance report. a. Definitions. For purposes of this local law the following terms have the following meanings:

Employee retention grant program. The term “employee retention grant program” means the program announced by the mayor on March 8, 2020 to provide grants covering up to 40 percent of payroll costs for 2 months to small businesses that employ fewer than 5 employees and experienced a 25 percent or greater decrease in revenue related to the COVID-19 pandemic.

Small business continuity loan fund. The term “small business continuity loan fund” means the fund announced by the mayor on March 8, 2020 to provide zero-interest loans to eligible small businesses that employ fewer than 100 employees and experienced a 25 percent or greater decrease in revenue related to the COVID-19 pandemic.

b. No later than 60 days after the effective date of this local law, the department of small business services shall post on its website and submit to the mayor and speaker of the council a report of each business that received a grant pursuant to the employee retention grant program and each business that received a loan pursuant to the small business continuity loan fund as of such effective date. The report shall include:

1. The council district in which each business was located;

2. The zip code of each business;

3. The industry type of each business, including but not limited to types of goods and services offered, and whether the business occupies a storefront or is a mobile business;

4. The type of award each business received, whether grant or loan; and

5. The loan or grant amount each business received.

§ 2. This local law takes effect immediately, and expires and is deemed repealed 1 year after it becomes law.

 

 

 

 

 

JSA/SJ

LS #14657

8/19/2020 3:30 PM