Syracuse, NY – Senator Rachel May (D-Onondaga, Madison, Oneida) is proud to announce the passage of her bill (S.6745) to extend the State Disaster Emergency Loan Program for small businesses and nonprofits administered through Industrial Development Agencies (IDAs) through December 31st, 2022.
The Program was first established in May 2020 and was set to expire December 31st, 2021. The IDA State Disaster Emergency Loan Program provides IDAs with the flexibility to support small businesses and non-profits during public health emergencies. This program allows any IDA to administer programs to provide grants and loans to affected businesses and organizations. The IDAs may provide grants and loans not to exceed $25,000 per business or non-profit. Creditworthiness will not be a determining factor for eligibility, and loan repayment will not begin until 60 days after the end of the public health emergency. Businesses will have 180 days to repay loans.
“Small businesses continue to be dramatically impacted by this ongoing public health crisis,” said Senator May. “As the State begins our long road to recovery, continued support for small businesses and non-profits must be extended. The State Disaster Emergency Loan Program can continue to serve as a vital resource to save the small businesses that give our neighborhoods character and the non-profits that are there for our citizens at their most trying of times. I am proud that we have extended this program for another year and thank my colleagues for getting it passed in both Houses.”