A Local Law to amend the administrative code of the city of New York, in relation to establishing a support fund for small businesses affected by roadway construction

Summary

This bill would require the Department of Small Business Services (SBS) to establish a program to provide loans, grants, services, materials, or some combination, to support small businesses affected by city construction projects. To qualify, businesses must demonstrate (i) a reasonable expectation of costs or losses resulting from a city construction project that is expected to disrupt traffic for 30 days or more; (ii) a plan to mitigate or offset such costs and losses; and (iii) any other application requirements stipulated by SBS. Loans under this program would be limited to $50,000 per storefront per year and would have an interest rate of no more than 3 percent. Grants or reimbursements would be limited to $15,000 per storefront per year. SBS would create an application process and timeline of 30 days or less to review and issue a final determination on applications. Awards under this program must be disbursed within 14 days of the business meeting all applicable requirements.

Official summary of legislation · NYC Council