New York A06573 mandates prompt payment within thirty days for not-for-profit organizations under procurement contracts with the city of New York.

New York A06573, also known as the "get nonprofits paid act," amends the New York City Charter to require prompt payment within thirty days for not-for-profit organizations under procurement contracts with the city of New York. This requirement excludes legal holidays from the thirty-day period. The payment timelines can be waived if the city comptroller provides a non-interest bearing short-term loan to the not-for-profit contractor through the returnable grant fund or other financial institution. The act will take effect three years after it becomes law.

New York A06573 mandates prompt payment within thirty days for not-for-profit organizations under procurement contracts with the city of New York.

New York A06573, also known as the "get nonprofits paid act," amends the New York City Charter to require prompt payment within thirty days for not-for-profit organizations under procurement contracts with the city of New York. This requirement excludes legal holidays from the thirty-day period. The payment timelines can be waived if the city comptroller provides a non-interest bearing short-term loan to the not-for-profit contractor through the returnable grant fund or other financial institution. The act will take effect three years after it becomes law.